The sector has seen strong engagement from existing traders, with NFT transactions surging to record highs this year.
The non-fungible token (NFT) market has seen a major rebound in activity this year, with sales volumes reaching levels not seen since 2022, according to a new report from DappRadar.
Although overall trading volume remains relatively subdued due to lower average prices, the number of trades increased sharply throughout 2025.
From slump to surge
7 million NFT sales were recorded in the first quarter, increasing to 12.5 million in the second quarter. This momentum further accelerated in the third quarter, with over 18.1 million NFTs sold, an increase of 45% from the previous quarter, generating $1.6 billion in trading volume.
Despite this surge in transaction numbers, DappRadar says that actual user adoption remains modest. The number of unique wallets trading NFTs increased from 1.66 million in the first quarter to 2.14 million in the third quarter, a relatively small increase compared to the surge in sales. This means that individual wallets are trading more NFTs on average, jumping from about 4.2 per wallet in Q1 to 8.4 in Q3, indicating that existing participants are becoming more active rather than new users entering the market.
Within the NFT category, gaming is a notable laggard. DappRadar reported a 17% decline in transaction volume and a significant 32% decline in the number of gaming-related NFT transactions over the past quarter.
Meanwhile, the sports NFT sector has seen a remarkable resurgence, with transaction volume for this cohort increasing 337% to $71 million and sales increasing 143% to $4.1 million. This surge is primarily due to Sorare, a fantasy sports platform that offers a digital collection of soccer, basketball, and baseball. The platform’s success has been boosted by the start of new sports seasons, helping to offset weakness in other areas.
Airdrop and OG NFT
The recent increase may also be related to strategic campaigns or a resurgence of interest in older projects. The main contributor is OpenSea’s campaign to reward active traders and encourage frequent trading ahead of the expected token launch. This initiative encouraged users to trade low-denomination NFTs to earn rewards, driving activity across the platform.
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As a result, OpenSea’s sales increased by 29% in the third quarter, with 9.27 million assets sold.
At the same time, profile photo (PFP) collections are making a comeback, led by blue-chip projects like CryptoPunks, Bored Ape Yacht Club (BAYC), Moonbirds, and Pudgy Penguins. Amid renewed collector confidence, PFP’s trading volume increased 187% sequentially to $544 million.
In addition to the resurgence, Yuga Labs also streamlined its portfolio during the same period to focus on BAYC, Mutant Ape Yacht Club (MAYC), and Otherside. Meanwhile, Moonbirds, now owned by Orange Cap Games, emerged as the standout comeback company in the third quarter, recording 8,311 NFT sales worth $88 million as new momentum builds around the upcoming BIRB token launch on Solana.
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