July NFT Industry Analysis Game and Music NFTs Lead the Growth, Opepen Sparks a Craze

In July 2023, the volatility of the NFT market continued to exist, and the trading volume showed a downward trend. However, the growth in areas such as gaming and music NFTs was remarkable. The increasing number of independent users participating in these niche areas reflects the recovery of these fields.

This comprehensive report aims to provide a comprehensive insight into the NFT ecosystem in July 2023. The report delves into key indicators such as market value, trading volume, and user engagement, as well as the delicate balance of on-chain buying and selling activities on major platforms such as Ethereum and Polygon. In-depth analysis is conducted on leading platforms, trading markets, and NFT financing markets.

In addition to the data, the report also highlights important milestones and breakthroughs. For example, the inspiring journey of artist Jack Butcher and the story of creating Opepen NFT as a heartfelt tribute to ThreadGuy. These stories go beyond numbers and statistics, highlighting the cultural significance and collaborative spirit of the NFT space, even in turbulent market periods.

The data for this report comes from Footprint’s NFT research page. The page provides an easy-to-use dashboard that includes the most critical statistics and indicators to understand the latest trends in the NFT industry and is updated in real-time. You can click [Read Original] to find the latest information on transactions, projects, financing, and more.

Key Highlights

Crypto Market Overview

  • Despite the price surge, Bitcoin ended July at a lower price of $29,230, down about 4% from the opening price of $30,587 on July 1st.

NFT Market Overview

  • The blue-chip index is trending downward, indicating a deepening bearish sentiment in the market.

  • In July, the NFT market showed a buyer/seller ratio of 149.13%, with a total of 299,983 buyers and 201,155 sellers, surpassing the ratio of the past 90 days.

Public Chains and NFT Trading Markets

  • Currently, the growth momentum of the NFT market mainly comes from practical use cases such as gaming and utility platforms, rather than traditional art and collectibles.

  • The trading volume share of Blur is trending downward, decreasing from 64.32% to 57.94% compared to the previous period.

NFT Investment and Financing Situation

  • In recent months, the NFT market has been particularly sluggish, with only 3 rounds of financing in July, totaling $15.85 million.

  • Despite the sluggish financing market, capital is still actively flowing into the NFT space, such as the combination of music and NFTs.

Hot Topic of the Month: Opepen

  • This event showcases the spirit and friendliness of the community, demonstrating the importance of recognizing creators in the rapidly developing NFT space.

Highlights of the Month

  • Get Protocol raised $4.5 million in financing to challenge Ticketmaster with NFT tickets

  • NFT lending platform Gondi launched and secured $5.3 million in financing led by Hack.vc

  • Culture-oriented: Jack Butcher’s custom ThreadGuy Opepen sparked discussion

  • Mastercard Web3 Music Accelerator released five NFT tracks

  • Beatport launched an NFT marketplace focused on electronic music

  • Sotheby’s Next-Gen Art Auction raised $1.2 million within 24 hours

  • Polygon 2.0 lays the foundation for decentralized governance

Crypto Market Overview

Throughout July 2023, the value of Bitcoin fluctuated mainly in the range of $29,000 to $31,000. Bitcoin reached its highest point in a year on July 13, reaching $31,400, the highest value since July of the previous year.

BTC Price & ETH Price

However, despite the price surge, Bitcoin ended July at a lower price of $29,230, a decrease of about 4% compared to the opening price of $30,587 on July 1.

In particular, the sluggish summer trading activity and lack of short-term positive factors may have contributed to the decline in Bitcoin.

However, as Rachel Lin, CEO of decentralized futures exchange SynFutures, pointed out, Bitcoin falling below $30,000 may just be a temporary correction in an overall bullish trend. This view reinforces the trading range of Bitcoin’s continuous fluctuations between $29,000 and $31,800 since mid-June, unaffected by factors such as interest rate hikes, inflation concerns, and other macroeconomic worries.

NFT Market Overview 

NFT Volume & Transaction & Unique Users in July

The market value of the NFT market this month has remained stable at about $100 billion. However, with the decline in Azuki prices, overall trading volume has shown a significant decrease, indicating signs of cooling market activity.

NFT Market Cap & Volume

On a more positive note, the number of independent users involved in NFTs has slightly increased this month, with 431,817 unique users compared to 408,548 in June.

BlueChip Index

The blue-chip index is trending downward, indicating a deepening bearish sentiment in the market.

The prices of major blue-chip NFT projects such as Azuki and Bored Ape Yacht Club (BAYC) have experienced a significant decline. BAYC even fell below 30 ETH this month.

This market volatility reflects increased investor risk aversion and decreased confidence in the NFT market. Investors may become more cautious and unwilling to make high-risk investments, turning to safer assets or reducing overall participation in the market.

Daily Buyers & Sellers

In July, the NFT market showed a buyer/seller ratio of 149.13%, with a total of 299,983 buyers and 201,155 sellers, exceeding the ratio of the past 90 days.

NFT Buyer & Seller

The increase in the number of buyers during this period can be attributed to the activities of projects like Planet IX and Galaxy. Specifically, as of July 23, the number of NFT buyers for Planetix reached 4,932, while the number of sellers was only 59, indicating strong demand for NFTs and a surge in buying enthusiasm. Games like Planet IX remain the main driving force behind the active NFT market.

NFT Daily Unique Users

Events and activities of projects like Planet IX and Galaxy also led to a significant increase in the number of unique NFT users during the period from July 21 to 23.

Made By Apes

In addition to the impact of games and task platforms on the rise of NFTs, the NFT projects themselves are also noteworthy.

A notable example is the recently launched on-chain verification solution “Made By Apes” by Yuga Labs, the creators of the well-known BAYC. This platform solves the problem of verifying and cataloging the intellectual property created by BAYC members. By providing unique on-chain licenses, BAYC and Mutant Ape Yacht Club (MAYC) members can use the “Made by Apes” label created by Yuga on their products and services.

Degods and Pudgy Penguins have also taken similar initiatives this month. These initiatives mark a significant shift in recognizing and promoting the value of intellectual property in the NFT space. By granting exclusive intellectual property rights to NFT owners, these projects aim to foster creativity and innovation within their communities. This further enhances the appeal of NFTs, elevating them from mere collectibles to valuable assets with practical, real-world applications. As the NFT market continues to evolve, these IP-focused initiatives may play a crucial role in shaping its future.

Public Chains and NFT Trading Market

Ethereum’s dominant position in the NFT market continues to strengthen, accounting for an astonishing 98.03% of total trading volume. However, the absolute trading volume of NFTs on the Ethereum blockchain in July hit a two-year low at only $660.1 million. The entire NFT market is experiencing a period of reduced trading activity.

Monthly Volume by Chain

In July, the number of unique addresses participating in NFT transactions on the Ethereum blockchain hit a two-year low at 163,240. Interestingly, Polygon surpassed Ethereum in terms of unique users, reaching 185,350.


Looking at buyer activity on Polygon, the top two platforms driving market development were PlanetIX and Galaxy, with 39,145 and 16,231 buyers respectively in July. This indicates that the current growth of the NFT market is primarily driven by practical use cases such as gaming and utility platforms, rather than traditional art and collectibles.

In the current market slowdown, demand for NFTs related to images and art culture has weakened, while NFTs with practical use cases have shown greater resilience.

In mid-August, Polygon announced a major update – Polygon 2.0. The introduction of a ZK-powered Layer 2 network will create a blockchain that achieves both scalability and interoperability, which is something to look forward to in the near future.

Monthly Volume by Marketplace – Distribution

As for NFT trading platforms, Blur continues to dominate the market in terms of large-scale professional trading volume. However, its market share has been declining, dropping from 64.32% to 57.94% in the past two months. Meanwhile, X2Y2 and LooksRare have seen slight increases.

Monthly Trades by Marketplace – Distribution

In terms of trade volume and user count, Opensea continues to hold the majority share and maintain growth, which has been the case for a long time.

NFT Financing Situation

Monthly NFT Projects Fundraising Amount & Times

In recent months, the NFT market has been particularly sluggish, with only three rounds of financing in July, totaling $15.85 million.

Get Protocol Showcase

NFT ticketing company Get Protocol successfully raised a seed round of $4.5 million from investors including Flow Ventures and Tezos Foundation.

Get Protocol aims to disrupt the ticketing industry dominated by Ticketmaster, which holds significant power and substantial revenue. NFTs are seen as a solution to problems in the Web2 technology space, with advantages such as smoother event queuing, anti-scalping measures, and better participant data collection. In addition to Get Protocol, other NFT-based startups like YellowHeart and Tokenproof have also entered the ticketing field.

After raising $5.35 million in a seed round led by Hack.vc, NFT lending platform Gondi has gone live. Gondi allows users to use their blue-chip NFT collections on Ethereum as collateral for loans or financial applications. The platform aims to improve NFT lending by providing accessible options within the Web3 ecosystem.

It is worth noting that the NFT industry is characterized by rapid changes in sentiment and trends. Although the current downturn may reflect a cautious environment, ongoing technological advancements and increasing institutional participation may trigger a new wave of interest and activity in the near future.

Despite the sluggishness in the financing market, capital continues to flow actively into the NFT field. Particularly noteworthy this month is the surge in activities combining music and NFTs. This trend indicates that people are increasingly recognizing the development of NFTs, which is not limited to the original intention of aggregating community culture.


This can be seen from some initiatives, such as the release of many NFT tracks by Mastercard Web3 Music Accelerator, and Beatport launching an NFT trading market focused on electronic music.

It must be recognized that for the NFT market to develop in a sustainable and prosperous manner, it must perform well in both utility and cultural participation. Only by effectively balancing these two aspects can NFTs become valuable tools with lasting impact in multiple fields, further consolidating their position in the ever-evolving digital asset space.

Hot Topic of the Month: Opepen

The NFT market is transitioning towards practical usage, but still primarily centered around cultural participation.


This month, “Opepen” has caused a wave in the market. OpenSea even changed its Twitter handle to “OpepenSea” with the caption “For Culture”.

NFT artist Jack Butcher, creator of Opepen ThreadGuy NFT Edition, has stirred up excitement in the Web3 community.

Michael Jerome, also known as “Threadguy”, is well-known for being at the center of the Web3 polarization discussion, attracting a lot of attention in the evolving Web3 community.

MAYC and Opepen

Inspired by his Mutant Ape’s color scheme, Butcher created a unique Opepen specifically for ThreadGuy, who is known for being involved in the Mutant Ape Yacht Club (MAYC).

Opepen Threadition

On July 17th, Jack Butcher launched “Opepen Threadition” simply to prove its origin and redistribute some economic power to those who have made significant contributions to this ecosystem. All proceeds from this event will be used to support ThreadGuy’s efforts and show appreciation for his contributions to the crypto world. As of August 7th, this NFT has been minted 67,155 times.

It is worth noting that the impact of this event extends beyond the scope of NFTs. It highlights the exceptional unity and selflessness within the community and emphasizes the profound importance of recognizing and applauding creators in the rapidly evolving NFT space. This event showcases the sincerity and friendliness of the community, demonstrating the importance of recognizing creators in the rapidly developing NFT field. Many see Butcher’s actions as a reflection of the true and idealistic nature of the crypto community – a community that values shared culture rather than purely economic interests.

People say, “For culture.”

Note: The above research report data includes:

Chains: Ethereum, Polygon, BNB Chain, Cronos, Optimism

Trading markets: Opensea, LooksRare, Blur, X2Y2, Cryptopunks, Rarible, SuperRare, Foundation, Decentraland, Aavegotchi, Element, Era7, the Sandbox, Minted

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