TL;DR

• NFT sales hit $574M in July - the second-highest monthly total in 2025 so far.
• Ethereum leads with $275M in sales, up 56% from June.
• Bitcoin and Polygon follow in total volume; Cardano jumps 102%, Solana up 8%.
• Average NFT sale price hit $113, the highest in over six months.
• Buyers down 17%, but sellers up 9% - suggesting a more selective market.
• Collections like CryptoPunks, Pudgy Penguins, and Courtyard NFTs dominate.
• Total NFT market cap climbs 21% to $8.2B - slow but visible recovery signs.

NFT sales volume rebounded sharply in July, clocking in over $574 million, according to data from CryptoSlam. That's a 32% increase from June and the second-highest total in 2025, only behind March.

While some interpreted this as a potential return of NFT mania, a closer look reveals a more nuanced market - stronger, yes, but not euphoric.

Ethereum Still Sets the Tone

Ethereum continues to be the home base for NFT trading. With $275 million in sales in July (a 56% month-on-month jump), ETH NFTs accounted for nearly 48% of all volume. This aligns with Ethereum's price rally, which pushed past $3,800 this month.

That price move had a knock-on effect across the NFT ecosystem. Floor prices for many Ethereum-native collections - including Pudgy Penguins, CryptoPunks, and Azuki - climbed in tandem. In particular:

• CryptoPunks saw steady institutional interest and held their spot as a "blue-chip" hedge.
• Pudgy Penguins benefited from consistent social media buzz and brand-building efforts.
• Courtyard NFTs (tokenized physical Pokémon cards) surged in volume - showing collectors still like a mix of nostalgia and novelty.

A Multi-Chain Market: Cardano, Solana, and More

Beyond Ethereum, other chains had a strong showing:

1. Bitcoin NFTs generated over $80M in volume, holding steady as Ordinals found footing.
2. Polygon came in third, with over $40M in NFT sales - boosted by gaming and ticketing use cases.
3. Cardano had a surprise 102% jump, thanks to a flurry of local projects and community support.
4. Solana NFTs ticked up by 8%, with interest in meme-style projects and cheaper entry points.

The trend is clear: NFTs are no longer synonymous with Ethereum alone.

Buyers Fading, Sellers Rising

One of the more surprising metrics: the number of buyers dropped 17%, while sellers increased 9%.

This divergence suggests the market is consolidating - fewer, more serious buyers are competing over a narrower band of "high-conviction" assets. New participants are still hesitant, but seasoned collectors seem to be making moves.

The average sale price, meanwhile, reached $113.08 - the highest in six months, hinting at a quality-over-quantity cycle. NFT whales appear to be driving most of the action.

Total Market Cap Up 21% - Quiet Climb

According to DappRadar, the overall NFT market cap jumped 21%, now sitting at over $8.2 billion. That's still far from the 2021 highs - but it's a meaningful bounce from the lows of late 2024.

The floor prices of top collections reflect this shift:

• CryptoPunks: Floor up 14% from June.
• Pudgy Penguins: Up 10%, riding consistent branding efforts.
• Azuki and BAYC: Minor upticks, though still well below peak levels.

This gradual upward motion suggests a patient market, one that's shedding weaker projects and circling back to stronger ones.

What's Fueling the Revival?

Several factors contributed to the July bounce:

1. ETH price rally brought renewed attention to Ethereum-based assets.
2. Continued tokenization of physical goods (e.g., Courtyard's Pokémon cards) showed NFTs' evolving use cases.
3. Improved UX and gas fees on L2s made NFT trading less painful.
4. Brands and IP - from Pudgy Penguins to sports leagues - are finding real-world integrations.

But it's also worth noting: total unique buyers and transactions are still lower than bull market levels. This feels more like a "realignment phase" than a new mania.

Final Thought

So, is the NFT bull run back? Maybe not fully. But July made it clear: the market's not dead, and NFTs are evolving beyond their 2021 persona. The growth is slower, more mature, and shaped by actual use cases - not just speculative flipping. And if ETH continues to hold strong, we might just see a quiet resurgence.