2023 NFT Market Trends: Insights from January to July

###NFT Market Experiences Significant Growth in July

The non-fungible token (NFT) market witnessed a remarkable surge in July, indicating a notable shift towards higher-value transactions amidst growing interest in the space. Sales volumes reached over $574 million, marking a 47.6% increase from June's $388.9 million. This figure represents the second-highest monthly volume in 2025, trailing only behind January's peak of $678.9 million.

###Transaction Dynamics and Market Capitalization

Despite the surge in sales value, the number of transactions decreased from 5.5 million to five million, reflecting a 9% drop month-over-month. However, the average sale value rose to $113.08, the highest in six months, suggesting a growing appetite for higher-value assets. The overall market capitalization for the NFT sector has risen to over $8 billion, up 21% from its valuation of $6.6 billion on July 24.

###Buyer and Seller Activity Shifts

The market dynamics also revealed interesting changes in buyer and seller behavior. Unique buyers decreased to 713,085, a 17% drop from June's 860,134, while unique sellers increased to 405,505, up 9% month-on-month. This imbalance suggests a consolidation among buyers, with fewer participants making larger purchases.

###Ethereum-Based Collections Dominate

Ethereum-based collections dominated the NFT space in July, driven by Ether's (ETH) price surge to over $3,900, a 62% increase from its August 1 price of around $2,400. This rally influenced an increase in valuations for Ethereum-based collections, with all of the top 10 collections by market capitalization being Ethereum-based NFTs. Ethereum Price Performance in July 2025

###Top Performing Collections

CryptoPunks led the market with over $69.2 million in total value traded over the past 30 days, followed by Pudgy Penguins with $55.5 million and Courtyard NFTs (Polygon-based) with $23.8 million. Notably, Pudgy Penguins showed remarkable growth, outpacing even CryptoPunks in July with a 65.44% increase in floor prices, surpassing other blue-chip collections like the Bored Ape Yacht Club (BAYC) and the Mutant Ape Yacht Club (MAYC).

###Blockchain Performance in NFT Sales

Ethereum continued to dominate blockchain-based NFT activity, recording $275.6 million in sales with 56% growth in the last 30 days. Bitcoin and Polygon followed with sales of $74.3 million and $71.6 million respectively, though Polygon experienced a 51.1% decrease from the previous month. Cardano showed the most significant percentage growth at 102%, while Solana saw modest gains of 8%. Meanwhile, BNB Chain experienced a 54% decrease in sales volume.