The non-fungible token (NFT) market is showing signs of a resurgence, as the sector’s total market capitalization reached $6.6 billion in July, according to the data platform DappRadar.
The platform reported Thursday that the figure represents a 94% increase from the previous month. Weekly trading volume also surged to $136 million, up 51% from the prior week, marking the strongest weekly performance since February.
The surge also follows a continuous decline in quarterly trading volumes. On July 10, DappRadar data showed that NFT trading volumes went down consistently from the second quarter of 2024 to the second quarter of 2025.
CryptoPunks lead resurgence as NFT sells for over $5 million
Ethereum-based NFT collection CryptoPunks has led the resurgence of digital collectibles. According to DappRadar, CryptoPunk floor prices have jumped 53%. Furthermore, the collection remains the most actively traded among all NFTs.
“They’re still the gold standard of Web3 clout,” DappRadar analyst Sara Gherghelas wrote. “For some, owning a Punk is about more than profit — it’s status, pure and simple. And right now, that status is trending.”
On July 21, CryptoPunks recorded a massive jump in floor prices. The collection went to a 47.50 Ether (ETH) floor price, worth nearly $180,000 in 24 hours.
This represents a 15.9% increase from its starting floor price of 40.9 ETH during that day. In addition, data showed that 83 CryptoPunks were bought by new holders that day.
Apart from its floor price increase, high-profile CryptoPunk sales also occurred.
On Thursday, GameSquare Holdings announced that it has purchased Punk #5577, the iconic Cowboy Ape CryptoPunk, for $5.15 million of the company’s preferred stock.
The Punk’s previous owner, Robert Leshner, the founder of DeFi protocol Compound, will now work with GameSquare as a shareholder.
The CryptoPunk is one of the only 24 ape-themed Punks and has a cowboy hat. It was first claimed in 2017 and was first sold for $454. It was sold for $7.7 million on Feb. 9, 2022, according to the CryptoPunks website.
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Ethereum NFTs dominate rankings
Apart from CryptoPunks, penguin-themed collection Pudgy Penguins is also on the rise.
Last week, Pudgy Penguins surpassed CryptoPunks’ seven-day trading volume, recording over $20 million. However, at the time of writing, CryptoPunks regained the top 1 spot, putting Pudgy Penguins in second place.
Meanwhile, another Ethereum-based collection surged after its creator, the heavy metal icon Ozzy Osbourne, died. On July 23, CryptoBatz NFTs surged by 400% after news that Osbourne had died reached NFT collectors.
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cointelegraph.com