While the symbolic NFT torch of Ethereum draws attention to its cultural legacy, on-chain data reveals a more concrete resurgence in NFT market activity, with Ethereum leading the way. Last week, the weekly trading volume of NFTs across all blockchains surpassed $140 million, the highest in over six months.
Ethereum-based projects accounted for more than half of that total, recording $75 million in volume and leading the overall recovery of the NFT market. This represents a 300% increase from just two weeks prior, when Ethereum NFTs saw only $18.3 million in trading volume.
The rebound coincides with the recent appreciation of Ethereum's price. Since July 6, ETH has risen nearly 50%, from around $2,525 to $3,730.
This has rekindled speculative interest in digital collectibles, particularly among long-inactive traders and native NFT communities. The rebound also comes after a tough 2024 for NFTs, which saw an 18% year-over-year decrease in overall trading activity.