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NFTs Outpace DeFi in July 2025 User Activity Surge

NFTs outpace DeFi in July 2025 with a surge in user activity, digital art cityscape background

In July 2025, NFT decentralized applications (DApps) surpassed DeFi DApps in daily active wallets, with approximately 3.85 million NFT users compared to 3.81 million for DeFi, marking a significant shift in user engagement, per Coinwy and DappRadar. This milestone, the first in months that NFTs surpassed DeFi, was fueled by a 96% increase in NFT trading volume to $530 million, despite a 4% decrease in transactions to 5 million, according to DappRadar. Meanwhile, DeFi recorded a record total value locked (TVL) of $270 billion on July 28, up 30% month on month, driven by tokenized stocks, according.

  • NFT Momentum: The average NFT sale price doubled from $52 in June to $105 in July, reflecting demand for high-value assets like CryptoPunks (up 25% in floor price), per. Blur captured 80% of Ethereum-based NFT trading volume, driven by professional traders and its Blend lending protocol, while OpenSea led with 27,000 daily traders, per.

  • Tokenized equities saw wallet interactions increase from 1,600 to 90,000, improving their market capitalization by 220%. Ethereum dominated DeFi with $166 billion in TVL, far ahead of Solana’s $23 billion, per.

Key Platforms Driving NFT Activity

  • Blur: Accounted for up to 80% of Ethereum NFT volume, leveraging its Blend lending feature and appeal to pro traders, per. Its focus on high-value trades aligns with the rising average NFT price.

  • OpenSea: Maintained the highest daily user count at ~27,000, driven by multichain support and long-tail listings, per.

Zora: Gained traction on the Coinbase-backed Base network, with its $ZORA token enabling low-cost NFT minting, per. @Zora reported increased creator activity, per.

DeFi’s Liquidity Milestone

  • TVL Peak: DeFi’s $270 billion TVL high on July 28, closing at $259 billion, was driven by user demand, fresh liquidity, and tokenized assets, per. Ethereum’s 60% price surge and 29.4% APY staking rewards bolstered its dominance, per.

  • Tokenized Stocks Boom: The 220% market cap increase in tokenized stocks reflects growing interest in real-world assets (RWAs), with Hyperliquid on Solana handling 60% of 24-hour perpetual trading volume ($15.3B open interest), per.

Market Context and Sentiment

  • Ethereum’s Role: As the primary chain for both NFTs and DeFi, Ethereum (ETH) ($3,553) saw increased transaction volumes and fees, per Coinwy. Its $166 billion DeFi TVL dwarfs competitors, per.

  • Broader Market: The CoinDesk 20 index rose 3.2%, mirroring NFT and DeFi gains, per. BTC ($114,333) consolidates above $116,000, with $588.6M ETF inflows, per Coinlive.me. Wells Fargo’s USD weakness forecast and Fed rate cuts (89.1% odds for September) favor risk assets, per BitcoinInfoNews.com.

X Sentiment: @DappRadar noted NFTs’ 17.5% share of dApp activity, overtaking DeFi’s 16.9%, per. @Web3BPP celebrated the NFT flip, citing $574M in monthly sales, per. @Mosterin_0 highlighted DeFi’s record liquidity, per.

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