Ethereum News Today: Ethereum NFT Sales Surge 56% in July as Market Shifts Toward High-Value Assets

NFT sales surged in July, reaching $574 million in total volume, the second-highest monthly total of the year, according to data from CryptoSlam. This represents a 47.6% increase compared to June’s $388.9 million, although it remains below the peak of $678.9 million recorded in January [1]. Despite the robust sales figures, the total number of transactions dipped by 9%, falling to 5 million from 5.5 million in the prior month [1].

The average sale value rose sharply to $113.08, the highest in six months, signaling a shift in buyer behavior. Unique buyer participation dropped by 17% to 713,085, while unique sellers increased by 9% to 405,505, highlighting a growing concentration in the market [1].

Ethereum-based NFTs were at the center of the July boom. The price of ETH rose by 62% in late July, climbing from around $2,400 to over $3,900, and remains above $3,800 [1]. This rally directly lifted valuations across Ethereum NFT collections. According to NFT Price Floor, all of the top 10 NFT collections by market cap over the past 30 days were Ethereum-based [1]. CryptoPunks led the pack with $69.2 million in total value traded, followed by Pudgy Penguins at $55.5 million. Pudgy Penguins saw the most significant growth, with a 65.44% increase in floor price, outpacing collections like Bored Ape Yacht Club and Mutant Ape Yacht Club [1].

Ethereum-based NFTs accounted for $275.6 million in sales in July, a 56% rise compared to the previous month [1]. Bitcoin and Polygon followed with $74.3 million and $71.6 million in NFT sales, respectively [1].

Performance across other blockchains was mixed. Cardano posted the highest percentage growth, with a 102% increase in NFT sales [1]. Solana saw a more modest 8% rise [1]. Meanwhile, Polygon and BNB Chain experienced sharp declines, with NFT sales falling 51.1% and 54% respectively [1].

Although transaction numbers and buyer participation have declined, the rising average sale values and dominance of high-profile NFT collections suggest that the market is increasingly prioritizing quality over quantity. Higher-value transactions are attracting more substantial capital, indicating a maturation of the NFT market [1].

Source: [1] NFTs See July Boom with Over $574M in Sales, Ethereum Takes the Lead (https://coinmarketcap.com/community/articles/688b792e680c444f8ca7e94d/)