The non-fungible token (NFT) market has just closed its two strongest months since February as adoption and renewed interest have driven trading volumes to its highest levels this year.
NFT trading volumes were up 9%, but sales counts dipped 4%, showing that while “fewer assets traded hands, collectors are paying more per sale,” according to a report published by blockchain analytics platform DappRadar on Thursday.
CoinGecko shows that trading volumes for NFTs spiked in the last 24 hours, rising more than 25% to reach a high of $7.9 million.
Resurgence driven by adoption
A key driver of the uptick in the NFT market comes from adoption, according to DappRadar analyst Sara Gherghelas. She pointed to cases such as the nightclub Hï in Ibiza, an island near Spain, which opened the first permanent NFT art gallery inside a club, showcasing works from NFT artists like Beeple and Mad Dog Jones.
Another driver is the Coinbase layer-2 network Base, which climbed to become the third-largest chain by trading volume, sparked by low minting costs and airdrop speculation.
Source: DappRadar
However, Gherghelas said Ethereum “remains the powerhouse,” commanding 61% dominance in the NFT industry. In August, developers also introduced trustless agents.”
“This could allow AI systems and DApps to safely recognize and interact with one another using NFT-based IDs and reputation layers,” Gherghelas added.
In July, American rapper Snoop Dogg sold out a collection of almost 1,000 NFTs on Telegram in 30 minutes, which also sparked discussions about a possible market resurgence.
Investors, degens are trading NFTs again
NFTs saw $578 million in trading volumes and 5.5 million sales in August, up slightly from July, which saw $530 million in trading and 5.2 million sales, according to DappRadar.
January was the biggest month for 2025 so far in trading volumes, with $997 million, but only 3.1 million sales, followed by February with $498 million, and 2.7 million sales.
July and August have registered as the strongest months for the NFT…..
