Ethereum’s NFT activities have witnessed a major recession. Data reveals that only 1,127 NFTs were recorded on August 1, 2025.
This number is the lowest in the history of the network.
Ethereum NFT collapses
In the latest analysis, Cryptoquant shows that this sharp decline shows how far the sector has fallen since the 2021-2022 boom, when headlines and trading volumes were surged.
Even if the crypto market showed signs of recovery in 2024 and 2025, NFTs were unable to capture the same momentum. Analysts attribute the collapse to several factors, including fading investor enthusiasm, oversupply of low-quality collections, and a critical liquidity shift towards new narratives such as layer 2 defi innovation and real-world asset tokenization.
Ethereum has long been considered the central hub of NFTs. Therefore, this historical low outcome may be significant. This could affect not only Ethereum fee generation, but also the sustainability of the NFT market and long-term holder outlook. The dark figure in August follows a surprisingly positive July.
NFT July’s return
Dappradar recently revealed that his NFT activity level surpassed Defi for the first time in months in July. Trading volume within the sector increased 96% to $530 million, while total sales were between 4% and 5 million.
Interestingly, the average price for NFTs has risen significantly, and it has more than doubled from $52 in June to $105 in July as demand for established high value collections has been strengthened.
At Ethereum, Blur accounts for up to 80% of daily trading activities over the same period, thanks to its lending services through professional traders and their blending platforms. Meanwhile, Opensea averaged 27,000 traders every day and maintained strong cross-chain support, strengthening its position as a go-to platform for wider participation.
Meanwhile, Coinbase’s Layer 2 network, Bass, has appeared as one of NFTS’ hottest ecosystems since its launch two years ago. Since January, the base NFT has increased trading volumes of $122 million, exceeding 6.7 million sales.
