NFTs Outpace DeFi in July Activity, Ethereum Benefits from Increased Use

In July, NFT DApps surpassed DeFi DApps in daily user activity, according to DappRadar's data. NFT-related DApps had higher user engagement, while DeFi's total value locked (TVL) reached a new record. The increase in NFT activity was attributed to platforms like OpenSea and Blur, while DeFi's growth was driven by tokenized stocks. Ethereum benefited from the increased activity in both sectors.

In a significant development in the cryptocurrency landscape, NFT-related decentralized applications (DApps) outpaced DeFi DApps in daily user activity in July 2025, according to DappRadar's latest report [1]. This shift marks a notable resurgence in the NFT market, which had been relatively dormant following the 2022 bear market.

The NFT market saw a substantial surge in trading volume, with a 96% increase to $530 million in July, although the total number of transactions fell by 4%, with only 5 million NFTs changing hands during the month [1]. This trend indicates a shift in buyer behavior, with fewer NFTs changing hands but selling for significantly higher prices. The average NFT sale price more than doubled, rising from $52 in June to $105 in July.

Platforms catering to power users and creators saw the most growth during this period. Blur, for instance, accounted for as much as 80% of Ethereum-based NFT trading volume, driven by professional traders and its Blend lending feature [1]. OpenSea, the largest NFT marketplace, remained the most active in daily user count, with approximately 27,000 traders, thanks to its long-tail listings and multichain support [1]. Additionally, Zora, a platform built for creators on the Coinbase-backed Base network, gained momentum with its Layer 2 solution and native ZORA token, which reduced NFT minting costs [1].

While NFTs made waves in July, DeFi also continued to experience impressive growth. The total value of assets locked (TVL) in DeFi surged by over 30%, reaching $259 billion by the end of the month [1]. Notably, the sector reached a new all-time high of $270 billion on July 28, driven by growing user demand and fresh liquidity injection across lending, trading, and tokenized assets [1]. A standout trend in DeFi came from tokenized stocks, with wallet interactions increasing from approximately 1,600 to over 90,000, contributing to a 220% increase in the market cap of tokenized stocks [1].

Across assets, Ethereum continued to lead DeFi, commanding $166 billion in TVL, far surpassing Solana’s $23 billion [1]. Ethereum's significant rise can be attributed to a nearly 60% price surge in July, likely driven by positive regulatory developments, alongside staking rewards reaching 29.4% APY [1]. On Solana, the platform saw rising demand for derivatives and now processes over 60% of 24-hour perpetual trading volume, with $15.3 billion in open interest and $5.1 billion in USDC bridging [1].

The resurgence of NFTs and the continued growth of DeFi highlight the evolving landscape of the cryptocurrency ecosystem. Both sectors are expanding their utility beyond their initial use cases, integrating into practical applications such as digital identity, event ticketing, gaming, and real-world asset tokenization [1].

References:
[1] https://cryptoslate.com/nfts-stage-comeback-with-530m-in-july-trades-flipping-defi-user-activity/