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The non-fungible token (NFT) market is showing signs of a resurgence, as the sector’s total market capitalization reached $6.6 billion in July, according to the data platform DappRadar.
The platform reported on Thursday that the figure represented a 94% increase from the previous month. Weekly trading volume surged to $136 million, up 51% from the prior week, marking the strongest weekly performance since February.
The surge followed a continuous decline in quarterly trading volumes. On July 10, DappRadar data showed that NFT trading volumes went down consistently from the second quarter of 2024 to the second quarter of 2025.
CryptoPunks lead resurgence as NFT sells for over $5 million
Ethereum-based NFT collection CryptoPunks has led the charge. According to DappRadar, CryptoPunk floor prices have jumped 53%. The collection remains the most actively traded among NFTs.
“They’re still the gold standard of Web3 clout,” DappRadar analyst Sara Gherghelas wrote. “For some, owning a Punk is about more than profit — it’s status, pure and simple. And right now, that status is trending.”
On Monday, CryptoPunks recorded a massive jump in floor prices. The collection went to a 47.50 Ether (ETH) floor price, worth nearly $180,000, in 24 hours.
This was a 15.9% increase from its starting floor price of 40.9 ETH that day. In addition, data showed that 83 CryptoPunks were bought by new holders that day.
Apart from its floor price increase, high-profile CryptoPunk sales were made.
On Thursday, GameSquare Holdings announced that it had purchased Punk #5577, the iconic Cowboy Ape CryptoPunk, for $5.15 million of the company’s preferred stock.
Ape-themed Punk sells for over $5 million. Source: CryptoPunks
The Punk’s previous owner, Robert Leshner, the founder of DeFi protocol Compound, will now work with GameSquare as a shareholder.
The CryptoPunk is one of the only 24 ape-themed Punks and has a cowboy hat. It was first claimed in 2017 and was sold for $454. It was sold for $7.7 million on Feb. 9, 2022, according to the CryptoPunks website.
Related: Memecoin $79B rally means capital has nowhere better to go: Exec
Ethereum NFTs dominate rankings
Apart from CryptoPunks, penguin-themed collection Pudgy Penguins was also on the rise.
Last week, Pudgy Penguins surpassed CryptoPunks’ seven-day trading volume, recording over $20 million. However, at the time of writing, CryptoPunks had regained the top spot, putting Pudgy Penguins in second place.
Meanwhile, another Ethereum-based collection surged after its creator, the heavy metal icon Ozzy Osbourne, died. On Wednesday, CryptoBatz NFTs surged by 400% after news that Osbourne had died reached NFT collectors.
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