Signs of Recovery in the NFT Market, Star Players Return to Follow

In 2021, the NFT market experienced a surge driven by the star effect. To this day, some once-active celebrities have returned to this field, bringing new stories and investment strategies. Meanwhile, there are signs of a rebound in trading volume in the NFT market, and the number of buyers is also increasing. However, is this apparent recovery truly the arrival of spring, or just an illusion in the winter?

The NFT market is undergoing structural changes

Currently, the NFT market presents some contradictory data. In the long term, some analysis institutions remain optimistic about the market outlook, predicting that this year's market size is expected to exceed hundreds of billions of dollars. However, the market performance in the short term has been unsatisfactory. Reports indicate that the total NFT trading volume in the second quarter of this year has decreased by nearly 29% compared to the previous quarter.

Nevertheless, this apparent retreat did not trigger market panic; instead, it revealed a structural shift. Data shows that although the total trading volume of NFTs in the second quarter declined due to a decrease in high-priced collectibles, the number of transactions surged by 78% from approximately 7.02 million to 12.5 million, and the number of unique buyers also significantly increased by 44% from 651,000 to 936,000.

This set of "price drop and volume increase" unusual data reflects that the market is undergoing profound changes. NFTs seem to be gradually transforming from a high-priced speculative game involving a few participants to a more popularized process.

Analysis indicates that although trading volume has decreased, the increase in sales quantity and the decrease in average transaction value precisely suggest that market participation is becoming more widespread, and the driving force behind transactions is shifting from pure speculative trading to practicality and community consensus.

What does the return of star players to the market mean?

At this delicate moment, some "star players" who once left have chosen to return. What does their return actually signify?

Looking back, from Jay Chou's PhantaBear to Yu Wenle's ZombieClub, and then to Yi Nengjing's Theirsverse, these once highly sought-after projects have now lost over 98% of their value compared to their peak periods, almost reaching zero. Behind these cold numbers are the losses that many investors are still silently enduring.

To understand the current market situation, we need to review the development process of the past few years:

2021 was the peak period for the NFT market. The price of Bitcoin reached an all-time high, and NFTs jumped from a niche area to a global hotspot. In October of that year, someone spent 425 ETH to purchase a Cyborg Bored Ape, triggering a frenzy in the market.

However, by 2022, the market entered a winter. Influenced by multiple factors, the market capitalization of cryptocurrencies shrank significantly. Some NFT projects launched by celebrities also faced setbacks in the bear market, with prices plummeting.

Now, in 2025, we see some familiar faces returning to the market, while new forces are also joining in. Some have transitioned from NFT collectors to cryptocurrency traders, publicly sharing their trading profits and losses. There are also some business celebrities announcing their entry into the Web3 space, planning to invest significant funds in developing new NFT projects.

On the surface, these phenomena seem reminiscent of the boom in 2021. But this time, there is a sense of restraint and rationality beneath the market's enthusiasm.

The Transformation of Community Roles: From Followers to Value Judgers

In the NFT market of 2025, community members are no longer merely participants, but have transformed into true "value judges".

On the surface data, the market shows positive signs: NFT trading volume is steadily rising, and the prices of some well-known projects are continuously increasing. However, this time, the community's reaction is unusually calm.

Some community members have expressed that the NFT craze of 2021 is unlikely to be repeated. The barrier to entering the market has significantly increased, and investors are more focused on the practicality of projects and community value. This viewpoint reflects the reality of the NFT market in 2025: after the speculative bubble has burst, value return has become mainstream.

Some people predict that there may not be a single top NFT project in 2025, but rather several high-value projects coexisting. They believe that this year will be a year for NFT projects to be repriced and to showcase their actual value.

Overall, the NFT market in 2025 seems bustling on the surface, but is actually rational and calm. From speculation to consensus, from frenzy to rationality, this profound transformation of the NFT market is essentially a process of value reconstruction.