Thomas Daniels
In July, the non‑fungible token (NFT) market cap surged to $6.6 billion, a 94% rise month‑on‑month, according to analytics firm DappRadar. Weekly trading volumes also accelerated, reaching $136 million, marking a 51% weekly gain ─ the most robust weekly activity since February.
This rebound follows a period of declining volumes through the second quarter of 2025, which had softened momentum since mid‑2024. DappRadar’s data shows a steady contraction in NFT trading from Q2 2024 through Q2 2025, making July’s turnaround especially notable.
CryptoPunks Lead the Charge
Ethereum’s CryptoPunks collection spearheaded the resurgence. Floor prices jumped 53%, and daily changes included a lift from 40.9 ETH to 47.5 ETH—a nearly 16% increase in just 24 hours, translating to approximately $180,000 per Punk. That same day, 83 CryptoPunks were acquired by new holders, underscoring robust market demand.
A standout transaction involved GameSquare Holdings, which acquired CryptoPunk #5577 (the “Cowboy Ape” variant) for $5.15 million in preferred stock. The seller, Robert Leshner, founder of the DeFi protocol Compound, will now assume a role as a GameSquare shareholder. Notably, that Punk originally sold for $454 in 2017 and fetched $7.7 million on February 9, 2022.
Other Ethereum Collections Rising
While CryptoPunks retain top trading volume status, Pudgy Penguins briefly eclipsed them with over $20 million in seven-day trades, before CryptoPunks reclaimed the lead. Meanwhile, the CryptoBatz collection saw a 400% spike following the passing of its creator, heavy‑metal icon Ozzy Osbourne, highlighting the emotional and narrative drivers shaping NFT value.
