The NFT market experienced remarkable resurgence in July, exceeding DEFI in terms of user activity, according to a DAPPRADAR report on August 7.
The change marks an important step and could indicate that the NFT captures the attention of the public again after a significant lull which has lasted since their fall on the 2022 bear market.
Surge the NFTS volume in July
Dappradar’s data showed that NFT’s negotiation volume had jumped by 96%, reaching $ 530 million in July. However, the total number of transactions dropped by 4%, with only 5 million NFT modifying the hands during the month.
The trend reveals a clear change in the behavior of buyers, with fewer NFTs changing hands but selling at significantly higher prices. In fact, the average sale price of the NFT has only doubled, going from $ 52 in June to $ 105 in July.
The platforms aimed at users and power creators have experienced the most growth during the period. Blur represented up to 80% of the NFT trading volume based on Ethereum, driven by professional merchants and its mixture of mixing.
Meanwhile, Opensea, the largest NFT market, has remained the most active in the daily number of users, with around 27,000 merchants, thanks to its long -tailed ads and the care of multichain.
Meanwhile, Zora, a platform designed for creators on the basic network supported by Coinbase, has grown with its layer 2 solution and the native zora token, which reduced the NFT racing costs.
Dappradar concluded that these figures show the significant evolution in the NFT landscape of the media threshing of the early market to the growing utility of these digital assets.
According to the Blockchain Society, space is no longer limited to digital art and collectibles. Instead, it has extended to practical use cases such as digital identity, event ticket office, games and tokenization of active world.
Defi also grows
While NFTS made waves in July, Defi also continued to experience impressive growth. Dappradar said that the total value of locked assets (TVL) in DEFI has jumped more than 30%, reaching $ 259 billion by the end of the month.
In particular, the sector reached a new summit of $ 270 billion on July 28, driven by a growing demand from users and a new liquidity injection between loans, exchanges and token assets.
Meanwhile, a remarkable DEFI trend coming from token stocks, with portfolio interactions from around 1,600 to more than 90,000. This increase contributed to an increase of 220% of the market capitalization of tokenized shares, indicating that active real world (RWAS) win a substantial traction.
Through the assets, Ethereum continued to lead DEFI, commanding $ 166 billion on TVL, far exceeding $ 23 billion in Solana.
The significant increase in ETH can be awarded to an increase in prices of almost 60% in July, probably driven by positive regulatory developments, in parallel with staunch rewards reaching 29.4% APY.
On Solana, a hyperliquid has become a key player, representing 35% of blockchain income in July. The platform has increased in the demand for derivatives and now deals with more than 60% of the volume of perpetual negotiation 24 hours a day, with $ 15.3 billion in open interest and $ 5.1 billion in USDC.
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