NFTs Surpass DeFi in Activity Amidst Sector Growth in July

July was a significant month for Web3, particularly for the decentralized finance (DeFi) sector, with total value locked (TVL) increasing by over 30% to touch an all-time high of $270 billion. This growth, driven by investor confidence, fresh capital, and user demand, was especially visible in tokenized stocks, which saw a 220% increase in market capitalization.

Ethereum continued to lead in DeFi, recording a TVL of $166 billion. The non-fungible token (NFT) market also saw a surge, surpassing DeFi in activity. NFT trading volume rose by 96% to $530 million, despite a 4% drop in sales. Major brands and entertainment and sports industries continued to explore NFTs, moving from collectibles to utility-focused applications.