Decentralized Finance (DeFi) applications saw locked liquidity reach a record $270 billion in July, partly due to the growth of tokenized stocks.
DappRadar data shows that the Total Value Locked (TVL) in DeFi protocols increased by 30% month-on-month, while the number of active wallets for tokenized stocks surged from about 1,600 to over 90,000, driving its market cap up by 220%.
Meanwhile, NFT trading volume jumped 96% in the same month to $530 million. As more users engaged in the market, the average price of NFTs also doubled, reaching approximately $105.
While DeFi liquidity rose, user attention also shifted to other areas. In July, out of 22 million daily active wallets, about 3.85 million interacted with NFT DApps—slightly more than DeFi active users.
Industry experts noted that the Ethereum (ETH)-based NFT marketplace Blur drove much of the activity, accounting for up to 80% of daily NFT trading volume, while OpenSea led in active users with around 27,000 traders. At the same time, Zora gained significant momentum with its creator-first Layer 2 network and the $ZORA token for low-cost minting.
Major brands are also continuing to innovate in the NFT space. Nike (Nike.SWOOSH) partnered with EA Sports to launch virtual sneakers, while Louis Vuitton, Rolex, and Coca-Cola China initiated certification and collectible pilot projects.
NFT trading volume in July also rose by about 36% to $530 million, up from $389 million in June, but still below the year-to-date high of $997 million in January 2025.
According to Cointelegraph, interest in classic NFT collections like CryptoPunks is reviving. Data on NFT floor prices shows that this Ethereum (ETH)-based collection rose by over 25% in the past month.
In the last 24 hours, nine out of the top ten NFT sales were CryptoPunks: the only non-CryptoPunks sale was an NFT piece by Web3 artist Beeble.
Despite the recovery in July, NFT performance remains sluggish compared to past peaks. DappRadar's industry analysis report for 2024 indicates that NFT trading volume decreased by 19% year-on-year, and the number of sales dropped by 18%, making 2024 one of the weakest years since 2020.
CryptoSlam's latest statistics for the first half of 2025 further highlight the slow recovery: total NFT sales amounted to $2.82 billion, down 4.6% from the second half of 2024.
Although there were clear signs of recovery in July, with both trading volume and floor prices rising, the overall market level remains far below the highs of 2021, when trading volume reached hundreds of billions of dollars.
Related: Jupiter Suspends DAO Voting Until 2026 to Focus on DeFi Growth
Original: “Report: DeFi Soars with Tokenized Stocks, but User Activity Shifts to NFTs”
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