Is NFT season back? 22% jump in one day fuels bullish talk

The NFT market just lit up, with renewed spotlight driving wild gains as investors pile in to fuel the biggest rally in months.

On July 21, 2025, the NFT market experienced a significant resurgence, with its total market capitalization jumping over 22% in a single day, rising from $5.1 billion to approximately $6.4 billion. Blue-chip collections like CryptoPunks, Pudgy Penguins, and Moonbirds led the charge, igniting a wave of renewed interest in the digital collectibles.

CryptoPunks saw its floor price surge nearly 16% to 47.5 ETH, or roughly $179,000, as several new buyers scooped up pieces from the iconic collection. Pudgy Penguins wasn’t far behind, climbing 15% to a floor of 16.75 ETH, around $63,500. 

Other top performers came up with even bigger gains, including Moonbirds and Lil Pudgys, delivering sharp 34% and 17% jumps to 1.94 ETH and 1.78 ETH respectively.

The combined spike in activity sent NFT trading volumes to a six-month high. Daily trading shot up 344% to $42.7 million, signaling that momentum is returning to the sector after a prolonged period of sluggish action.

What’s driving the NFT market surge?

One key driver is the return of whale activity. Blockchain tracker Lookonchain flagged a newly created whale wallet that spent 2,082 ETH (around $5.7 million) to acquire 45 CryptoPunks within hours. This large-scale sweep sent the collection’s floor price climbing and triggered broader market excitement.

The NFT rally also ties into the wider crypto uptrend. Ethereum (ETH) is trading over $3,800, hitting multi-month highs after a steady weeks-long climb. Bitcoin (BTC) is holding above $119,000, leading the bullish sentiment across digital assets.

Market watchers are already calling “NFT season.” Echoing broader market sentiment, X user Chris Taylor described the surge as the start of an incoming “NFT bull market.” Blockworks co-founder Jason Yanowitz added, “NFTs are moving like there are NFT treasury vehicles on the horizon,” pointing to the ongoing trend of reserve strategies driving Bitcoin and Ethereum to new highs.

Despite the rebound, the broader NFT market remains far from its peak. Data from CryptoSlam shows active NFT buyers are still down 52%, while global transactions have dropped 11.6%. Whether this rally marks the start of a lasting comeback or just a temporary spike remains to be seen.