NFT Sales Hit a New High of $236 Million in the Past 7 Days — Is the NFT Market Heat Making a Strong Comeback?
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On July 26, OKX real-time market data showed Bitcoin opening at $34,180.1. It rose 12.84% that day, closing at $38,568.5. Over the following days, Bitcoin pressed its advantage, making multiple attempts to break through the $40,000 mark, and finally succeeded on July 31 by closing above $40,000 at $41,550.4. This brought Bitcoin's weekly gain to 20.8% — the biggest single-week increase since February 8.
Driven by Bitcoin's rally, the crypto market showed signs of recovery. Bolstered by hot sectors like Game Fi, the metaverse, collectibles, and art, NFTs made a notable comeback. Nonfungible data shows that NFT sales over the 7-day period (as of August 3) reached a new high of $236 million, a 34% increase over the previous high of $176 million set in May.
Crypto Punks, one of the most popular NFT collectible projects, generated $127 million in sales over the past 7 days, ranking #1 on the NFT sales leaderboard and accounting for 54% of total NFT sales. Second and third place went to the art platform Art Blocks and Meebits, another project by the Crypto Punks development team Larva Labs.
Devin Finzer, co-founder and CEO of Open Sea — the largest NFT trading platform — tweeted on August 2 that the platform processed $95 million in trades over a two-day period. For context, the platform's total volume for all of 2020 was just $21 million.
In addition, internet giant Tencent has begun fully advancing its NFT business. Its NFT trading app, Huanhei (Fantasy Core), launched and released its first batch of 300有声《十三邀》digital collectible NFTs at 8 PM on August 3. It is worth noting that all NFTs currently sold on Huanhei cannot be resold or transferred as gifts.
NFT 7-Day Sales Exceed $200 Million — Game Fi and Collectibles Drive the Momentum
If you've been following recent news, you'll notice that NFTs have been appearing with increasing frequency. Fashion giant Louis Vuitton (LV), celebrating the 200th anniversary of its founder's birth, launched the NFT game Louis: The Game, inspired by Louis Vuitton's real-life adventures. Available for download on the App Store and Google Play starting August 4.
Coca-Cola and Porsche also rolled out their own NFTs. Coca-Cola released an NFT collectible featuring a wearable Coca-Cola bubble jacket, a Coca-Cola friendship card, a sound visualizer, and a vintage Coca-Cola vending machine, plus a hidden surprise revealed upon unboxing. On August 3, it was reported that Coca-Cola's debut NFT was ultimately auctioned on Open Sea for 217.45 ETH (approximately $540,000).
From August 2 to 6, Porsche will auction its first NFT — exclusive design sketches by its exterior design director — on the Super Rare platform. The design sketches will be available as both physical assets and NFTs. Just over a month ago, Porsche's digital subsidiary Forward 31 launched NFT startup Fanzone, focused on football-themed NFT collectibles.
As globally recognized companies and institutions have shown strong interest in this emerging space, the NFT market has seen a noticeable resurgence in momentum.
Nonfungible data shows that total NFT sales over the past 7 days (as of August 3) reached $236 million, a 34% increase over the previous high of $176 million set in early May.
Over the past 7 days, a total of 50,652 NFTs were sold — also a new all-time high. Of these, 31,319 were sold on the primary market, generating $33.9713 million in sales, below the historical high of $94.7221 million set in early May. The average sale price was $1,084.69.
The secondary market saw 19,333 NFTs sold, with total sales of $202 million — also a new all-time high, surpassing the previous high of $81.3202 million by 148.58%. The average sale price was $10,454.66, significantly higher than the primary market, indicating the secondary market's dominant position.
According to Nonfungible data, among the top 10 projects by 7-day sales (as of August 4), all but ENS (Ethereum Name Service) were concentrated in three categories: collectibles, art, and the metaverse. (Note: Due to data collection limitations, Nonfungible has not yet included some chain game data, such as Axie Infinity.)
Ranking #1 is the well-known NFT collectible Crypto Punks, launched by Larva Labs in June 2017 as one of the first NFT projects on the Ethereum blockchain. The collection consists of 10,000 programmatically generated 24×24 pixel characters in an 8-bit style. The project was inspired by London's Punk culture. After more than four years of development, Crypto Punks has established a legendary status in the NFT space and is gaining recognition in the mainstream art world, having been featured at Christie's, Sotheby's, and other renowned international auction houses, as well as exhibited at the Museum of Contemporary Art in Miami.
Crypto Punks has taken on an almost "luxury goods of the crypto world" status. A typical Crypto Punks trade looks something like this: Starting July 30, a single Ethereum address spent approximately 2,683 ETH to acquire 104 Crypto Punks, totaling roughly $65.8 million, at an average unit price of 25.80 ETH.
Crypto Punks generated $132 million in sales over the past 7 days (as of August 4), with 982 transactions completed and an average sale price of $134,500.
Ranking #3 is Meebits, from the same development team as Crypto Punks. These are unique 3D pixel characters designed to serve as avatars in the metaverse. With a total supply of 20,000, more than half were reserved as free rewards for Crypto Punks and Autoglyph holders. The remaining units were offered for minting at 2.5 ETH each (approximately $10,000 at launch) via a Dutch auction. Meebits generated $8.6422 million in sales over the past 7 days, with 672 sold and an average price of $12,900.
Ranking #2, Art Blocks is a platform that generates and stores on-demand programmatically created artwork on Ethereum. The works span static images, 3D models, and interactive experiences. Its 7-day sales reached $55.7646 million, with 25,800 works sold at an average price of $2,160.50.
It is clear that the "Matthew Effect" is pronounced in the NFT space. Crypto Punks' 7-day sales accounted for 54% of total sales — a significant gap compared to the #2 and #3 projects. The top 10 projects combined generated $207 million in sales, contributing 85% of total volume.
Looking at another NFT data site, Crypto Slam, the top 10 NFT projects by 7-day sales show some variation. #1 and #8 — Axie Infinity and Zed Run — are Game Fi projects gaining strong momentum recently. #2, 4, 5, 6, and 10 fall under the collectibles category. Beyond #10, the top four of this group are more precisely defined as NFT avatar projects. #3 and #7 belong to the art category, while #9 NBA Top Shot is in the sports category. This shows that the mainstream NFT market remains dominated by Game Fi, collectibles, art, and sports — with Game Fi and collectibles showing the strongest momentum recently.
Using category as the division, among the top 10 NFT projects, Game Fi generated $199 million in 7-day sales, collectibles brought in $187 million, art totaled $53.6758 million, and sports accounted for $4.7035 million.
In our article Axie Infinity掀起Game Fi热潮, Play to Earn带飞链游?, we covered the gameplay of the red-hot Axie Infinity and provided background on Game Fi, so we won't repeat that here. Today, we will discuss "why four of the top 10 NFT projects by sales are avatar-related NFTs."
The vast majority of NFT avatars are one-of-a-kind. As blockchain technology evolves, they will also carry built-in utility — for example, Meebits was designed for players to use in the metaverse. Because popular and rare-character avatars often sell for high prices on the secondary market, avatar NFT projects, though niche, have consistently experienced growing demand. Crypto Punks — the avatar project par excellence mentioned above — has repeatedly sold for extraordinary prices.
On July 30, Crypto Punk #5217 sold for 2,250 ETH, approximately $5.45 million. This NFT was last sold four years ago for 10 ETH — a gain of 224x. Ape Punk #2140 also sold on July 30 for 1,600 ETH, currently ranking as the fourth most expensive Crypto Punk ever.
On August 2, The Block reported that "Crypto Punk #3100" was listed at 35,000 ETH, approximately $86.9 million. If the offer is accepted, it would become the highest-priced single NFT in the world.
Perhaps back in early May, we were still talking about NFT momentum declining and entering a correction phase, with some even declaring that the NFT bubble was being squeezed out. So why has the collectibles sector — particularly the avatar category — experienced a mini-boom recently? Bankless co-founder David Hoffman believes this is the result of a frenzied scramble for the remaining supply of OG Ethereum cultural NFTs, with participants betting that Ethereum is going mainstream. "If Ethereum becomes the settlement layer for value, it will also become the settlement layer for culture," David Hoffman tweeted. In his view, as Ethereum rises, enough people will come to realize that this is not just a financial revolution, but also a revolution in art and culture.
Last week, the NFT collectibles sector was on fire: Mila Kunis's NFT animated series Stoner Cats sold out in 35 minutes, and Ethereum co-founder Vitalik Buterin voiced a character — a cat named Catsington — in the series. Reports indicate this caused Gas prices to spike to 1,500 Gwei at one point. Hours after the Stoner Cats sale, the Vogu Collective's drop pushed Gas prices back above 1,000 Gwei — further evidence of the NFT market's resurgence.
OK Link's EIP-1559 special page shows that the London upgrade is expected to go live on the Ethereum Mainnet around 17:00 on August 5.，届时 NFT activities will all burn Ethereum, demonstrating robust demand from NFT activities, which will have meaningful implications for Ethereum's ecosystem development. Conversely, an active Ethereum ecosystem will in turn benefit NFTs.
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