Last month, July 2025, the market cap hit $6.6 billion, surging 94 percent, mostly thanks to CryptoPunks.

Weekly trading volume surged to around $136 million per week.

The CryptoPunks collection led the climb.

For once, we're seeing NFTs worth hundreds of thousands of dollars again.

Ethereum-based NFTs, unsruprisingly, led the pack.

It sounds great. But I don't think it'll last.

The reason why NFTs aren't working anymore

Back when NFTs were all the rage, people threw around various theories, various ideas against the wall.

Some people were more or less genuinely convinced about the value of the blockchain technology behind it. Some people saw them as a way to make a quick buck, and did.

Other people saw them as a way to make a quick buck, and didn't.

And then a lot of people said NFTs were nothing but Veblen goods.

Just another way of showing the world you're spending a lot of cash on something just because you can.

That's what happened: people were buying NFTs because they could.