Ethereum Non-Fungible Token (NFT) Activity Hits All-Time Low

In the dynamic world of Non-Fungible Tokens (NFTs), July saw a shift in the market landscape. The total number of NFT sales slipped by 4% to 5 million, marking a slight slowdown compared to previous months.

Despite this dip, several platforms managed to maintain their strength. OpenSea, a leading NFT marketplace, averaged 27,000 daily traders and continued to provide strong cross-chain support.

One notable development was the surge in NFT activity levels, which surpassed DeFi (Decentralised Finance) activity for the first time in months. This shift underscores the growing interest and investment in the NFT market.

On Ethereum, the spotlight was on Blur, which accounted for as much as 80% of daily trading activity. This dominance highlights the platform's popularity and its significant role in the Ethereum NFT ecosystem.

The average price of an NFT saw a significant increase, more than doubling from $52 in June to $105 in July. This rise in average price suggests a growing confidence in the NFT market and a shift towards more valuable and unique digital assets.

Since January, Base NFTs, a rapidly growing ecosystem on Coinbase's Layer 2 network, have amassed $122 million in trading volume across 6.7 million sales. This growth positions Base as one of the hottest ecosystems for NFTs, attracting both buyers and sellers.

However, analysts attribute the Ethereum NFT sector's decline since the 2021/2022 boom to factors such as market saturation, declining speculative interest, rising gas fees, and increased competition from alternative blockchains. These factors led to reduced trading volumes, lower prices, and a shift towards more utility-focused NFT projects in 2024 and 2025.

Despite these challenges, the NFT sector showed resilience, with trading volume within the sector jumping 96% and reaching $530 million in July. This growth indicates a vibrant and evolving market, ready to weather the storm and continue to innovate in the digital art and collectibles space.

While this article provides an overview of the NFT market trends in July, it's important to note that the market is constantly evolving, and new developments are always on the horizon. Stay tuned for more updates on the exciting world of NFTs.