July NFT Trading Hits $574M: Market Surges with Shifting Buyer Dynamics

NFT market activity reached a notable inflection point in July, with trading volume hitting $574 million according to CryptoSlam—a remarkable 47.6% surge from the previous month. This performance ranks as the year’s second-strongest month, trailing only January’s $679 million peak.

What makes July’s figures particularly compelling is the divergence between transaction metrics and value creation. While the number of transactions declined 9% to 5 million and unique buyers dropped 17% to 713,085, average transaction values climbed to $113.08, marking the highest level in six months. Meanwhile, seller participation grew 9% to 405,505, revealing a market structure where fewer but more committed participants are driving larger individual deals.

The NFT market capitalization expanded substantially, crossing the $8 billion threshold—a 21% jump from the $6.6 billion figure recorded on July 24th. This expansion reflects broader confidence in the asset class despite transaction volume moderation.

Ethereum’s Dominance and July’s Top Performers

Ethereum maintained its stronghold on NFT trading, capturing $275 million in volume—a 56% monthly increase. Leading the charge was CryptoPunks with $69.2 million in trading activity. Pudgy Penguins followed closely with $55.5 million, while Polygon’s Courtyard collection contributed $23.8 million.

The standout performance came from Pudgy Penguins, whose floor price surged 65.44%—significantly outpacing established blue-chip collections including BAYC and MAYC. This resurgence suggests shifting collector preferences toward historically undervalued assets.

Cross-Chain Divergence

Performance varied dramatically across blockchain ecosystems. Cardano’s NFT segment delivered the most impressive gains, with sales climbing 102%. In contrast, Polygon and BNB Chain experienced headwinds, declining 51.1% and 54% respectively, highlighting the uneven distribution of momentum across different platform infrastructures.