NFTs ‘heating up’ as nightclubs, rappers jump back on bandwagon
The non-fungible token (NFT) market has simply closed its two strongest months since February as adoption and renewed curiosity have pushed buying and selling volumes to its highest ranges this 12 months.
NFT buying and selling volumes have been up 9%, however gross sales counts dipped 4%, exhibiting that whereas “fewer property traded fingers, collectors are paying extra per sale,” in accordance with a report printed by blockchain analytics platform DappRadar on Thursday.
CoinGecko reveals that buying and selling volumes for NFTs spiked within the final 24 hours, rising greater than 25% to achieve a excessive of $7.9 million.
Resurgence pushed by adoption
A key driver of the uptick within the NFT market comes from adoption, in accordance with DappRadar analyst Sara Gherghelas, with instances such because the nightclub Hï in Ibiza, an island close to Spain, that opened the primary everlasting NFT artwork gallery inside a membership, showcasing works from NFT artists like Beeple and Mad Canine Jones.
One other driver is the Coinbase layer-2 community Base, which climbed to turn into the third-largest chain by buying and selling quantity, sparked by low minting prices and airdrop hypothesis.
Supply: DappRadar
Nevertheless, Gherghelas mentioned Ethereum “stays the powerhouse,” commanding 61% dominance within the NFT trade. In August, builders additionally launched trustless brokers.”
“This might enable AI techniques and DApps to securely acknowledge and work together with each other utilizing NFT-based IDs and status layers,” Gherghelas added.
In July, American rapper Snoop Dogg bought out a set of virtually 1,000 NFTs on Telegram in half-hour, which additionally sparked discussions a few potential market resurgence.
Traders, degens are buying and selling NFTs once more
NFTs noticed $578 million in buying and selling volumes and 5.5 million gross sales in August, up barely from July, which noticed $530 million in buying and selling and 5.2 million gross sales, in accordance with DappRadar.
January was the largest month for 2025 up to now in buying and selling volumes, with $997 million, however solely 3.1 million gross sales, adopted by February with $498 million, and a couple of.7 million gross sales.
July and August have registered because the strongest months for the NFT market outdoors of January when it comes to quantity and gross sales. Supply: DappRadar
DappRadar analyst Sara Gherghelas mentioned within the report, “This makes July and August the strongest months since February 2025 for NFTs, each in quantity and in gross sales rely.”
“The indicators are clear: persons are returning to the NFT area.”
CryptoSlam strategist Yehudah Petscher advised Cointelegraph in Might that he thought the NFT market was poised for a rebound however with a extra tempered outlook than its earlier highs.
The NFT market has had a turbulent few years. Cointelegraph reported in April that NFT volumes plunged 61% within the first quarter of 2025 to $1.5 billion, whereas final 12 months was flagged because the market’s worst 12 months for buying and selling quantity and gross sales since 2020, which was marred by volatility and rising token costs.
Nevertheless, it has been exhibiting indicators of life. In August, the sector surged to a market capitalization of greater than $9.3 billion, a 40% uptick from July, as Ethereum-based collections elevated in worth together with Ether (ETH).
High NFT collections
The biggest NFT assortment by market capitalization, CryptoPunks, has registered a 24-hour quantity of $1.2 million and 5 particular person gross sales, in accordance with CoinGecko.
The second largest by market capitalization, the Infinex Patrons NFT assortment, which grants holders governance voting energy over the Infinex protocol, has registered a 24 buying and selling quantity of $7,733, and two gross sales.
Rounding out the highest three is Yuga Labs Bored Ape Yacht Membership, with a quantity of $208,617 and 5 gross sales.
