DappRadar analyst Sara Gherghelas said the data shows clear signs that people are returning to the NFT space.
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The non-fungible token (NFT) market has just closed its two strongest months since February as adoption and renewed interest have driven trading volumes to its highest levels this year.
were up 9%, but sales counts dipped 4%, showing that while “fewer assets traded hands, collectors are paying more per sale,” to a report published by blockchain analytics platform DappRadar on Thursday.
CoinGecko that trading volumes for NFTs spiked in the last 24 hours, rising more than 25% to reach a high of $7.9 million.
Resurgence driven by adoption
A key driver of the uptick in the NFT market comes from adoption, according to DappRadar analyst Sara Gherghelas. She pointed to cases such as the nightclub Hï in Ibiza, an island near Spain, which opened the first permanent NFT art gallery inside a club, showcasing works from NFT and Mad Dog Jones.
Another driver is the Coinbase layer-2 network Base, which by trading volume, sparked by low minting costs and airdrop speculation.
However, Gherghelas said Ethereum “remains the powerhouse,” commanding 61% dominance in the NFT industry. In August, developers also introduced trustless agents.”
“This could allow AI systems and DApps to safely recognize and interact with one another using NFT-based IDs and reputation layers,” Gherghelas added.
In July, American rapper Snoop Dogg on Telegram in 30 minutes, which also sparked discussions about a possible market resurgence.
Investors, degens are trading NFTs again
NFTs saw $578 million in trading volumes and 5.5 million sales in August, up slightly from July, which saw $530 million in trading and 5.2 million sales, according to DappRadar.
January was the biggest month for 2025 so far in trading volumes, with $997 million, but only 3.1 million sales, followed by February with $498 million, and 2.7 million sales.
Gherghelas said in the report, “This makes July and August the strongest months since February 2025 for NFTs, both in volume and in sales count.”
“The signs are clear: people are returning to the NFT space.”
CryptoSlam strategist Yehudah Petscher that he thought the NFT market was poised for a rebound but with a more tempered outlook than its previous highs.
The NFT market has had a turbulent few years. Cointelegraph reported in April that NFT in the first quarter of 2025 to $1.5 billion, while last year was for trading volume and sales since 2020, which was marred by volatility and rising token prices.
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However, it has been showing signs of life. In August, of more than $9.3 billion, a 40% uptick from July, as Ethereum-based collections increased in price along with Ether (ETH).
Top NFT collections
The largest NFT collection by market capitalization, CryptoPunks, has registered a 24-hour volume of $1.2 million and five individual sales, according to CoinGecko.
The second largest by market capitalization, the Infinex Patrons NFT collection, which grants holders governance voting power over the , has registered a 24 trading volume of $7,733, and two sales.
Rounding out the top three is Yuga Labs’ Bored Ape Yacht Club, with a volume of $208,617 and five sales.
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