The non-fungible token (NFT) market is showing unmistakable signs of a breakthrough in July 2020, with art-related digital collectibles accounting for a staggering 71% of all NFT trading volume through mid-July. The surge comes as the broader cryptocurrency market experiences renewed enthusiasm, with Bitcoin holding steady above $9,200 and Ethereum trading at $239.60.
TL;DR
- Art-related NFTs represent 71% of total NFT trading volume through mid-July 2020
- The NFT market is entering a significant growth phase, led by gaming and collectible categories
- Ethereum at $239.60 continues to serve as the primary infrastructure for NFT minting and trading
- DeFi total value locked hits all-time high of $2.29 billion, boosting broader crypto ecosystem sentiment
- Chainlink (LINK) surges 35% in seven days, reflecting growing interest in blockchain utility tokens
Digital Art Leads the Charge
The dominance of art-related NFTs in the current market landscape marks a pivotal shift in how digital ownership is perceived. While gaming and collectibles have historically driven NFT transaction counts, the art category has now captured the lion’s share of total trading volume. Analysts note that since July 2020, the most exchanged NFTs belong to the Games and Collectible categories when measured by transaction count, but art-related tokens command significantly higher average sale prices.
The trend is particularly notable because it suggests that NFTs are beginning to attract not just crypto-native collectors but also traditional art enthusiasts exploring blockchain-based provenance and ownership. Platforms built on Ethereum continue to dominate the space, leveraging the network’s robust smart contract capabilities and established user base.
Ethereum Infrastructure Powers the Boom
Ethereum’s role as the backbone of the NFT ecosystem cannot be overstated. At $239.60 on July 13, ETH has maintained a stable price floor that keeps gas fees manageable for creators and collectors alike. The network processes the vast majority of NFT transactions, from CryptoKitties to emerging digital art platforms. However, the broader market data tells an interesting story about shifting capital flows.
According to Kraken’s daily market report for July 13, total trading volume across all markets reached $204.3 million, a 44% increase from the previous week. Strikingly, Bitcoin accounted for only 37% of crypto trading volume, with Ethereum capturing 14%, Chainlink 13%, Tezos 8.2%, and Tether 6.2%. This diversification suggests that capital is flowing beyond Bitcoin into the ecosystem tokens that power decentralized applications, including NFT platforms.
DeFi and NFTs: Parallel Growth Trajectories
The NFT market’s expansion is occurring alongside a historic run in decentralized finance. As of July 12, 2020, the total value locked in DeFi protocols reached an all-time high of $2.29 billion, a milestone that underscores the broader maturation of the Ethereum ecosystem. The DeFi boom has brought increased attention and liquidity to Ethereum, which indirectly benefits the NFT space by expanding the pool of ETH-denominated purchasing power.
Chainlink’s remarkable performance further illustrates this trend. The oracle network’s LINK token surged 35.37% over seven days to reach $7.18, with Google searches for Chainlink hitting an all-time high on July 13. While LINK is primarily associated with DeFi price feeds, its rise signals growing mainstream curiosity about blockchain utility tokens, a category that overlaps significantly with NFT infrastructure projects.
Gaming and Collectibles Set the Stage
Beyond the art world, gaming-related NFTs are laying the groundwork for mass adoption. Blockchain-based games that incorporate tradable in-game assets have been among the earliest and most consistent use cases for non-fungible tokens. The Games and Collectibles categories continue to lead in raw transaction volume, providing the network effects and user familiarity that will eventually support more complex digital ownership models.
The market also saw notable movements in individual tokens. Orchid (OXT) gained 14% over the day, while Quantum (QTUM) added 8.1%. Meanwhile, Dogecoin experienced a roller coaster, dropping 13% and losing half of its recent gains, a reminder that speculative enthusiasm can cut both ways in the crypto market.
Why This Matters
The convergence of NFT market growth, DeFi expansion, and diversifying crypto trading volumes in July 2020 represents a critical inflection point for digital assets. With art-related NFTs commanding 71% of trading volume, the creative economy is emerging as a legitimate use case for blockchain technology, one that extends far beyond financial speculation. As Ethereum continues to serve as the foundational layer for both DeFi and NFTs, the network’s growing ecosystem effects create a virtuous cycle where each sector reinforces the other. For investors, creators, and collectors, the message is clear: digital ownership is no longer a niche experiment but a rapidly maturing market with real economic weight behind it.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions. Cryptocurrency markets are highly volatile and past performance does not guarantee future results.
ETH at $239 running 71% of all NFT trading. the infrastructure advantage was locked in way before the 2021 boom
71% of NFT volume was art in july 2020 and most people still had no idea what an NFT was. we were so early
most people still thought NFTs were a joke in july 2020. 6 months later cryptopunks were selling for millions. the turnaround was wild
mint_forensics 6 months from joke to million dollar punks. the people paying attention in july 2020 were the ones who actually made life changing money
most of that 71% was probably cryptopunks and a handful of art platforms. the explosion to billions came later but the foundation was already there
canvasburn exactly right. 71% art volume was basically cryptoart and superrare in july 2020. the explosion came 6 months later
canvasburn superrare and makersplace were basically the entire 71 pct. cryptopunks were still free claims in july 2020. the million dollar sales didnt start until crypto art hit twitter in october
punks were barely trading that july, superrare and makersplace carried that 71 percent. the cryptoart crowd on twitter did more for the 2021 boom than any pfp floor
invite only curation was doing the heavy lifting. superrare drops actually sold out because curators filtered the garbage. the 71% art share dies the moment open mints show up and volume chases pfp floors
curation was the quality signal nobody priced. open minting flooded the market later and the 71 percent art share evaporated the second anyone could upload
$2.29B total TVL was considered massive back then. now a single protocol can hold more than that
DeFiMax 2.29B felt like the ceiling because it was. nobody imagined a single protocol clearing that. the growth curve from here was vertical
a single protocol holding more now is crazy. $2.29B felt like the ceiling of defi at the time
ETH at 239 running the entire NFT ecosystem. gas was basically free and nobody was competing for block space. golden era
ETH at 239 with basically free gas. the entire NFT ecosystem was built in a window that will never exist again
link surging 35% while NFTs were quietly doing 71% art volume. the infrastructure plays were the real winners even back then
LINK up 35% in a week while NFTs were quietly building. defi summer stole the headlines but digital art was already cooking
Edvin H. LINK pumping 35 pct while NFTs were quietly forming was the real story. oracles got the headlines but digital art built the community that drove the next cycle
DeFi TVL at 2.29 billion was the real signal. NFTs needed the Ethereum gas environment of 2020 to bootstrap. once gas spiked the art market moved to Tezos
tezos absorbed the priced out artists and mostly squandered the moment. the ones who stayed on mainnet through the 2021 gas wars built the collector base that still exists
ETH at 239 with gas so cheap you could mint 10 NFTs for under a dollar. the entire digital art movement was built in an economic window that will literally never exist again on mainnet
71% of NFT volume being art in 2020 is wild. fast forward to 2024 and it was all PFPs and gaming assets. the art narrative came back around eventually though
The Tezos exodus got the artists but never the collectors. Mainnet kept the buyers with real ETH and that was the whole ballgame by 2021.
Minted my first pieces that summer for what felt like free. The same mints a year later cost more in gas than the art sold for. Timing really was everything
eth at 240 meant most summer 2020 mints cleared under a dollar of gas. people forget how cheap mainnet was before defi ate the blockspace. the free feeling was just eth being temporarily affordable