In July 2025, locked liquidity on decentralized finance (DeFi) applications reached a record $270 billion, largely due to the growth of tokenized stocks. The total value locked (TVL) in DeFi rose 30% month-over-month, and active wallets for tokenized stocks surged from about 1,600 to over 90,000, resulting in a 220% increase in market cap. However, user engagement was notable in the NFT space, with approximately 3.85 million out of 22 million daily active wallets interacting with NFT decentralized applications (DApps), surpassing DeFi activities. NFT trading volumes increased by 96% to $530 million, with the average NFT price doubling to around $105. Major brands like Nike and Louis Vuitton are exploring NFTs, but overall, NFT trading volume has declined 19% year-over-year in 2024 and continues to be below its peak levels from 2021. Despite a rebound in July, the NFT market remains in a slow recovery phase as compared to earlier highs.

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