Ethereum NFT activity has reached a historic low, with just 1,127 NFTs minted on August 1, 2025. This unprecedented drop marks the lowest point ever recorded for NFT activity on the network.
Ethereum NFT Activity: The Steep Decline
Recent analysis from blockchain research firm MarketQuant highlights a dramatic fall in Ethereum NFT activity. This sector, once booming during the 2021-2022 surge, now faces serious challenges. Despite signs of recovery in the broader cryptocurrency market during 2024 and 2025, Ethereum NFTs have struggled to regain past momentum.
Analysts cite several reasons for this decline. Interest from collectors and investors has faded, many low-quality NFT projects have flooded the market, and liquidity has shifted toward new trends—especially Layer 2 DeFi platforms and real-world asset tokenization. As Ethereum has long been the primary network for NFTs, this sharp downturn could impact not only transaction fees but also the future of major NFT marketplaces and long-term investor confidence.
This negative trend follows a surprisingly optimistic period in July. In that month, NFT trading volume surged by 96% to reach $530 million, according to data compiled by DappTrack. Despite this impressive growth in volume, the total number of NFT trades dipped by 4% to 5 million, suggesting that higher-value collections drove the market as average prices doubled from $52 in June to $105 in July.
Ethereum NFT Activity: Key Platforms and New Ecosystems
Within Ethereum’s ecosystem, Blur captured up to 80% of daily NFT trading during July, fueled by professional traders and lending services available through its Blend platform. Meanwhile, OpenSea solidified its role as the preferred marketplace for casual and cross-chain NFT traders, maintaining an average of 27,000 daily participants.
Outside Ethereum, the Base Layer 2 network—launched by Coinbase—has quickly become a major contender in the NFT space. Since January, Base NFTs have generated $122 million in trading volume across 6.7 million sales, reflecting growing interest in alternative blockchain ecosystems. For more on NFT market data, see CoinDesk’s recent coverage.
In summary, the current Ethereum NFT activity level signals both a dramatic shift in market sentiment and the need for innovation within the NFT ecosystem. As the sector adapts, investors and creators alike are watching closely for signs of a turnaround or further decline.
