There are obvious signs of recovery in the NFT market, with several well-known projects performing brilliantly.

Recently, the NFT market has shown a clear trend of recovery. After months of sideways consolidation, signs of a market rebound have finally emerged: the floor prices of multiple projects have risen, overall market capitalization has bounced back, and some emerging projects have even begun to outperform established NFT series. From Pudgy Penguins surpassing BAYC to the unexpected return of Art Blocks, the market atmosphere is undergoing significant changes.

Market Overview

In July, the NFT market performed exceptionally well:

• Market cap soared by 94%, reaching nearly $7 billion, setting a new high since the beginning of 2023.
• Weekly trading volume increased by 51%, reaching $136 million, making July expected to be one of the best-performing months since February.
• The average price of NFTs increased by 40% in 7 days, reaching $146.
• Trading volume increased by only 7%, indicating that traders are shifting towards high-value assets.

Popular NFT Categories

In the past week, PFP (Profile Picture) NFTs performed the best, accounting for 37% of the total trading volume. Following that are RWA NFTs (Real World Asset Tokenization), which accounted for 11%. In contrast, NFTs in the sports, music, and fashion sectors performed moderately, while the popularity of gaming NFTs has also cooled down.

Striking NFT Projects

1. Pudgy Penguins:
   • Market value surpasses BAYC, second only to CryptoPunks
   • The floor price has increased by 539% since its issuance, and has risen by another 7% this week.
   • Reasons for success: Issuance during a bear market, combined with physical benefits, connecting Web2 and Web3

2. CryptoPunks:
   • This week's floor price has increased by 53%
   • Still one of the most actively traded collectibles
   • Symbolizes the influence and identity status of Web3

3. Moonbirds:
   • The floor price increased by 60%
   • Trading volume surged by 600%
   • The new owner and airdrop speculation drive performance

4. Art Blocks:
   • Rank among the highest trading volume collectibles
   • The average selling price skyrocketed by 156%
   • Launched new features to improve user experience

Market Trend Analysis

Current market performance indicates that the NFT sector may be entering a new round of recovery. The rapid development of PFP and art-related NFTs may signal the arrival of the next bull market. Although it is still too early to draw conclusions, positive signs have already emerged. The market is undergoing a transformation, and investors' attention is once again focusing on the NFT sector.

The market trends in the coming week are worth close attention to confirm whether this recovery trend can be sustained. As more projects perform well, the NFT market may see more opportunities and challenges.