Author: Zz, ChainCatcher

"With Mahji in front and Ning Jing behind, many of the previous NFT big shots are making a comeback."

In 2021, the star effect fueled the NFT craze. Now, they return once again, bringing different stories and bets.

Meanwhile, the NFT market's trading volume is warming up, and the number of buyers is surging. Behind this apparent recovery, is it a true spring approaching, or just an illusion in the cold winter?

Is the NFT Market Entering a Deep Shift?

The macro data of the market presents a confusing contradiction.

On one hand, long-term expectations remain optimistic. Authoritative institutions like Vancelian predict that this year's market size will exceed hundreds of billions of dollars. On the other hand, the short-term reality is exceptionally cold: DappRadar reports that NFT trading volume in the second quarter of this year has dropped nearly 29% compared to the previous quarter.

However, this apparent retreat has not triggered market panic; instead, it reveals a structural transformation.

According to DappRadar data: In the second quarter of 2025, although the total NFT trading volume decreased due to a reduction in high-priced collectibles, the number of transactions surged by 78% from about 7.02 million to 12.5 million, and the number of unique buyers also significantly increased by 44% from 651,000 to 936,000.

This set of "price drop, volume increase" abnormal data reveals the deep changes the market is undergoing. NFTs are quietly shifting from a high-priced speculative game for a few to a broader "popularization process."

As Coindoo reports: Despite the decline in trading volume, the increase in sales numbers and the decrease in average transaction value indicate that market participation is becoming more widespread, and the driving force behind transactions is shifting from pure speculation to practicality and community consensus.

At this subtle juncture, a group of previously departed "star players" is making a comeback. What does their return really mean?

Star Comeback: Is the Scythe Still Sharp?

From Jay Chou's concept PhantaBear to Yu Wenle's ZombieClub, and to Ning Jing's own Theirsverse. These projects, once wildly sought after, have seen their floor prices drop over 98% from their peaks, nearly reaching zero. Behind the cold numbers are countless investors still silently licking their wounds.

Source: CoinGecko, Cryptorank

However, to understand today's market, one must look back at those years of intertwined frenzy and awakening.

2021: The Peak of Revelry

This was a golden age where dreamers and speculators danced together.

Bitcoin surged to a historic high of $69,000, and NFTs leaped from niche toys to global topics. In October 2021, Mahji spent 425 ETH to buy a Cyborg Bored Ape, instantly igniting FOMO.

By the end of the year, Jay Chou's concept PhantaBear sold out in 40 minutes, with daily sales exceeding $10 million.

2022: The Arrival of Winter

But the prosperity was fleeting. Under the impact of black swan events, high inflation, interest rate hikes, and war, Bitcoin fell below $20,000, and the crypto market cap halved to $1 trillion.

Edison Chen, Yu Wenle, and Ning Jing successively launched NFT projects, but ultimately all collapsed in the bear market wave. Theirsverse dropped from 0.219 ETH to 0.02 ETH, a decline of over 96%, leading Ning Jing to bear the label of "Queen of Retail Investors."

2025: Old Faces Return, New Forces Enter

Currently, Mahji has completed his identity transformation, shifting from an NFT big player to a high-leverage trader of Meme coins. He is betting real "hard cash" on BLAST and PUMP tokens, publicly disclosing profits and losses, becoming the "number one gambler" coexisting with the market. Meanwhile, Ning Jing has quietly returned.

Additionally, legendary businessman Qian Fenglei, with a "billion-dollar fortune," entered Web3 at the beginning of the year, claiming to invest $100 million to create "Peach Blossom Source NFT"; Galaxy Digital's head Mike Novogratz has also quietly changed his avatar to Pudgy Penguin.

Everything seems to have returned to 2021, with stars back in place and the market buzzing. But this time, beneath the heat, there is less blind faith and more restraint.

The Transformation of the Community: From Followers to Value "Judges"

In the NFT market of 2025, the community is no longer just participants but has transformed into true "judges."

On the surface, the data looks promising: NFT trading volume is steadily rising, and the prices of blue-chip projects like CryptoPunks, BAYC, and Pudgy Penguins continue to climb. However, this time, the community's reaction is unprecedentedly calm.

"The NFT craze of 2021 will not be repeated," @RicecakeNFT bluntly stated on X, "The entry threshold has significantly increased, and investors are more focused on practicality and community value." This statement reveals the truth of the NFT market in 2025; after the retreat of speculative bubbles, the return to value has become the main theme.

Community member @waleswoosh predicts: "In 2025, a top NFT project may no longer exist, while we will see several projects with floor prices above 50 ETH; this year will be one of repricing and actual value."

In the NFT world of 2025, it appears lively on the surface but is actually calm.

From speculation to consensus, from frenzy to rationality, this deep shift in the NFT market is a redefinition of value.

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