The NFT world just woke up and in a big way.
On July 21, 2025, the NFT market exploded back to life, with its total market cap soaring more than 22% in a single day jumping from $5.1 billion to around $6.4 billion. It’s the biggest rally the space has seen in months, and blue-chip collections like CryptoPunks, Pudgy Penguins, and Moonbirds are leading the charge.
Blue-Chip NFTs Fuel the Comeback
CryptoPunks, often considered the crown jewel of NFTs, saw its floor price spike nearly 16%, now sitting at 47.5 ETH (about $179,000). Multiple high-value purchases helped drive the frenzy, as new buyers rushed to secure their piece of digital history.
Pudgy Penguins followed closely, with a 15% jump to a new floor of 16.75 ETH (~$63,500).
Other collections made even bigger moves:
- Moonbirds jumped a stunning 34%, hitting 1.94 ETH
- Lil Pudgys followed with a 17% increase, reaching 1.78 ETH
Daily Volume Hits Six-Month High
The surge in interest didn’t stop at price floors. NFT trading volume jumped 344% in just 24 hours, hitting $42.7 million the highest daily volume in over six months. After months of sluggish movement, the market is buzzing again.
So, What’s Driving This NFT Revival?
A few key things are at play and whale activity is at the top of the list.
Blockchain tracker Lookonchain highlighted a newly created whale wallet (0x1bb3) that spent a jaw-dropping 2,082 ETH (~$5.87 million) to scoop up 45 CryptoPunks in just a few hours. That kind of buying power sent shockwaves through the market, triggering a wave of FOMO and igniting broader excitement.
“A whale just swept 45 CryptoPunks. This is how NFT seasons start,” tweeted one collector.
The Broader Crypto Rally Is Helping, Too
This NFT spike isn’t happening in isolation. Ethereum is trading above $3,800, its highest point in months, and Bitcoin is holding strong above $119,000. That kind of bullish sentiment across the crypto space is spilling into NFTs, pulling new capital and confidence into digital collectibles.
Market watchers are already calling it: “NFT season” is back.
Crypto influencer Chris Taylor called it the start of a new NFT bull market, while Blockworks co-founder Jason Yanowitz speculated that NFT treasury vehicles could be on the horizon echoing how Bitcoin and Ethereum treasuries have driven institutional interest.
Still Early Days: Buyers and Transactions Are Down
Despite the enthusiasm, it’s not all fireworks just yet. Data from CryptoSlam shows that the number of active NFT buyers is still down 52% from earlier highs, and global transactions have dropped 11.6%.
That leaves a big question: Is this the beginning of a long-term comeback, or just a short-term hype cycle?
Final Thoughts
The NFT market just reminded everyone it’s still here and still capable of making noise. With whales jumping in, ETH on the rise, and trading volumes hitting new highs, this might just be the start of something big. Whether it becomes a full-fledged bull run or a flash in the pan, one thing is certain:
NFTs are back in the conversation.
