The non-fungible token (NFT) market is showing signs of revival, with total market capitalization climbing to $6.6 billion in July, according to data from DappRadar.
The platform reported on Thursday that this marks a 94% increase compared to the previous month. Weekly trading volume also saw a sharp rise, hitting $136 million—up 51% from the previous week—marking the highest weekly performance since February.
This upswing comes after a prolonged decline in quarterly trading volumes. On July 10, DappRadar data revealed a consistent drop in NFT trading activity from Q2 2024 through Q2 2025.
CryptoPunks spearhead NFT market rebound with a sale topping $5 million
Ethereum-based NFT collection CryptoPunks is leading the market revival, with floor prices surging 53%, according to DappRadar. The collection remains the most actively traded in the NFT space.
“They’re still the gold standard of Web3 clout,” noted DappRadar analyst Sara Gherghelas. “For some, owning a Punk is about more than profit — it’s status, pure and simple. And right now, that status is trending.”
On Monday, CryptoPunks saw a sharp increase in value, with the floor price climbing to 47.5 ETH (around $180,000) within 24 hours—a 15.9% jump from the day’s starting price of 40.9 ETH. That same day, 83 CryptoPunks were purchased by new holders.
Adding to the momentum, high-profile sales also made headlines. On Thursday, GameSquare Holdings revealed its acquisition of Punk #5577—an iconic Cowboy Ape CryptoPunk—for $5.15 million in company preferred stock.
The previous owner of the Punk, Robert Leshner—founder of the DeFi protocol Compound—will now join GameSquare as a shareholder.
The CryptoPunk in question is one of only 24 ape-themed Punks and features a distinctive cowboy hat. Originally claimed in 2017 for just $454, it later sold for $7.7 million on February 9, 2022, according to the CryptoPunks website.
Ethereum NFTs dominate rankings
Beyond CryptoPunks, the penguin-themed collection Pudgy Penguins also experienced significant momentum.
Last week, Pudgy Penguins briefly overtook CryptoPunks in seven-day trading volume, racking up over $20 million. However, at the time of writing, CryptoPunks had reclaimed the top position, pushing Pudgy Penguins to second place.
Meanwhile, another Ethereum-based collection saw a dramatic surge following the reported death of heavy metal legend Ozzy Osbourne. On Wednesday, trading volume for Osbourne’s CryptoBatz NFTs spiked by 400% as the news spread among NFT collectors.
