NFT Market Capitalization Surges 94% to $6.6 Billion in July
The NFT market has rebounded significantly in July, with a 94% increase in market capitalization, reaching $6.6 billion according to DappRadar. Key highlights include:
- Weekly NFT trading volumes surged to $136 million, a 51% increase from the previous week.
- CryptoPunks' floor prices rose by 53%, hitting 47.50 ETH.
- GameSquare Holdings acquired Punk #5577 for $5.15 million, highlighting high-value NFT activity.
- Snoop Dogg's new NFT collection sold nearly 1 million NFTs in 30 minutes, generating over $12 million.
- Pudgy Penguins briefly surpassed CryptoPunks in weekly trading volume.
Despite this growth, NFT trading remains volatile and sensitive to broader crypto market trends, with recent data showing a 45% drop in sales volume in the last 24 hours due to a decline in overall crypto market cap. Analysts suggest that sustained growth may require new catalysts, such as real-world asset integration.