Key takeaways
NFTs are showing signs of revival, with July’s trading volume nearly tripling and legacy collections leading the charge. While it’s too soon to call it a full comeback, the signals are hard to ignore.
After years of fading relevance and dwindling sales, the NFT market may finally be showing signs of life.
In July alone, trading volume has nearly tripled, legacy collections like CryptoPunks have staged a comeback, and Ethereum’s symbolic NFT Torch has reignited whale interest.
Source: Artemis
A single $8.5 million sweep of 48 Punks, paired with a 200%+ surge in NFT sector performance, suggests the market could be rotating back to quality… and not hype.
One whale, 48 punks and a big bet on NFT blue chips
Over the weekend, a single wallet swept 48 CryptoPunks worth $8.5 million, causing a wave of market activity.
According to X user Shotgun, the sweep catalyzed a total of 88 Punk sales within 24 hours; propelling the floor price from 40.9 ETH to 47.75 ETH, a 15.9% spike.
They noted,
“Whales are showing conviction… Legacy collections are outperforming… The market feels like it’s rotating back to quality.”
Source: X
While the broader NFT space remains cautious, this Punk-led surge suggests that blue-chip collections may once again be setting the tone for the next cycle.
Source: CoinGecko
From dormant to stirring
Trading volume has surged from just $11 million on the 1st of July to over $32 million by 21st of July, showing a possible turning point.
Active wallets and organic sales are climbing, so this isn’t just speculative buildup, but an early structural revival.
Source: X
Joao Wedson, CEO of Alphractal, said in an X post,
“We may never see a repeat of 2021-22, but this could be a glimmer of hope…”
After months of stagnation, the July spike sure hints at a potential shift in momentum.
Ethereum’s NFT torch may have started the fire…
Ethereum’s 10th anniversary NFT Torch has added weight to the recent uptick in NFT activity.
The project’s team noted in its launch post,
“The Torch is an NFT honoring the people and values that have shaped Ethereum’s first decade and will help build its future.”
Ethereum co-founder Joseph Lubin, the first torchbearer, called it a tribute to Ethereum’s “non-stop, essentially flawless operation” and its ability to upgrade “in flight.”
Source: X