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The NFT market experienced a notable revival in July, surpassing DeFi in user engagement, as reported by DappRadar on August 7.
This transition signifies a crucial development and may suggest that NFTs are regaining public interest after a considerable downturn that followed the 2022 bear market.
NFT Flips DeFi User Activity (Source: DappRadar)
NFT trading volume increases in July
Data from DappRadar indicated that NFT trading volume rose by 96%, reaching $530 million in July. However, the overall number of transactions declined by 4%, with only 5 million NFTs exchanged during the month.
This trend highlights a distinct change in buyer behavior, with fewer NFTs being sold but at significantly higher prices. The average sale price of NFTs more than doubled, increasing from $52 in June to $105 in July.
Platforms designed for power users and creators experienced the most growth during this period. Blur accounted for up to 80% of Ethereum-based NFT trading volume, fueled by professional traders and its Blend lending feature.
NFT Trading Volume And Sales Count in 2025 (Source: DappRadar)
OpenSea, the largest NFT marketplace, remained the most active in terms of daily user count, with around 27,000 traders, benefiting from its extensive listings and multichain capabilities.
Additionally, Zora, a platform aimed at creators on the Coinbase-supported Base network, gained traction with its Layer 2 solution and native ZORA token, which lowered NFT minting expenses.
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DappRadar concluded that these figures illustrate the significant transformation within the NFT sector, evolving from initial market excitement to the growing utility of these digital assets.
The blockchain firm noted that the domain is no longer confined to art and digital collectibles. It has broadened to encompass practical applications such as digital identity, event ticketing, gaming, and the tokenization of real-world assets.
DeFi also expands
While NFTs made headlines in July, DeFi continued to show remarkable growth. DappRadar reported that the total value of assets locked (TVL) in DeFi increased by over 30%, reaching $259 billion by the end of the month.
Importantly, the sector achieved a new all-time high of $270 billion on July 28, driven by rising user demand and new liquidity influx across lending, trading, and tokenized assets.
A notable trend in DeFi was the rise of tokenized stocks, with wallet interactions soaring from around 1,600 to over 90,000. This increase contributed to a 220% growth in the market capitalization of tokenized stocks, indicating that real-world assets (RWAs) are gaining significant momentum.
Top DeFi Blockchain Networks by TVL (Source: DappRadar)
In terms of assets, Ethereum continued to dominate DeFi, holding $166 billion in TVL, significantly outpacing Solana’s $23 billion.
The substantial increase in ETH can be attributed to a nearly 60% price rise in July, likely influenced by favorable regulatory developments, along with staking rewards reaching 29.4% APY.
On Solana, Hyperliquid emerged as a significant player, representing 35% of blockchain revenue in July. The platform experienced heightened demand for derivatives and now handles over 60% of the 24-hour perpetual trading volume, with $15.3 billion in open interest and $5.1 billion in USDC bridging.
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