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Ethereum’s NFT activity has witnessed a significant downturn. Data revealed that just 1,127 NFTs were recorded on August 1, 2025.
This figure is the lowest in the network’s history.
Ethereum NFT Collapses
In its latest analysis, CryptoQuant noted that this sharp decline demonstrated how far the sector has fallen since the 2021-2022 boom, when NFTs dominated headlines and trading volumes soared.
Even as crypto markets showed signs of recovery in 2024 and 2025, NFTs remained unable to capture the same momentum. Analysts attribute the collapse to several factors, such as fading investor enthusiasm, an oversupply of low-quality collections, and a decisive liquidity shift toward newer narratives such as Layer 2 DeFi innovations and real-world asset tokenization.
Ethereum is long considered the central hub for NFTs. Hence, the consequence of this historic low could be significant, which could affect not only Ethereum’s fee generation but also the sustainability of NFT marketplaces and the outlook for long-term holders. The bleak August figures follow a surprisingly positive July.
NFT July Resurgence
DappRadar had recently revealed that NFT activity levels surpassed DeFi in July for the first time in months. Trading volume within the sector jumped 96%, and climbed to $530 million, although the total number of sales slipped by 4% to 5 million.
Interestingly, the average price of an NFT increased significantly, more than doubling from $52 in June to $105 in July, as demand for established, high-value collections intensified.
On Ethereum, Blur accounted for as much as 80% of daily trading activity during the same period, owing to professional traders and lending services through its Blend platform. On the other hand, OpenSea strengthened its position as the go-to platform for broader participation, as it averaged 27,000 daily traders and maintained strong cross-chain support.
Meanwhile, Coinbase’s Layer 2 network, Base has also emerged as one of the hottest ecosystems for NFTs since its launch two years ago. Since January, Base NFTs have amassed $122 million in trading volume across 6.7 million sales.
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