Since February, the non-fungible tokens (NFTs) have recorded strong growth, with trading volumes reaching $578 million (roughly Rs. 4,800 crores) and sales totalling $5.5 million (approx. Rs. 45,600 crores). By August end, the NFT sector’s market capitalisation jumped to $9.3 billion (around Rs. 77,000 crores). NFTs also recorded a 40 percent hike from July, as per the data released by DappRadar. While trading volumes rose by 9 percent, sales dipped by 4 percent, suggesting that payment per transaction is high for collectors. Analysts believe that this revival was possible due to broader adoption, the boom of the Base network, and celebrity-driven attention.
NFTs on the Rise As Market Cap Climbs To $9.3 Billion In August
NFTs are unique digital assets on blockchains representing art, music clips, memorabilia, or even real-world rights. In 2014, Jennifer and Kevin McKoy created the first known NFT, “Quantum,” and with Ethereum’s arrival in 2017, NFTS gained global recognition.
The NFT journey has been quite compelling. In 2021, trading peaked at $17 billion (roughly Rs. 1.4 lakh crores), thanks to big-name players like Pak’s The Merge selling around for $91.8 million (around Rs. 760 crores).
However, the sector also witnessed a severe downturn due to oversaturation, scams, and rising regulation. Volumes dropped from $23.7 billion (roughly Rs. 1.9 lakh crores) in 2022 to $8.8 billion (roughly Rs. 73,000 crores) in 2024, as per data provided by the Department of Commerce, Delhi School of Economics.
The tide appears to have turned again in 2025. Despite a 61 percent slide in Q1 volumes to $1.5 billion, momentum returned by mid-year. Global celebrities like Snoop Dogg entered the NFT industry, selling almost one thousand NFTs in 30 minutes via Telegram. NFTs have not been too far off from other public figures as well, such as Madonna, Cristiano Ronaldo, Elon Musk, Paris Hilton, and LeBron James.
🎤 @SnoopDogg‘s digital collectibles drop on Telegram sold out in just 30 minutes today, generating $12M in sales. Nearly 1M unique NFTs inspired by Snoop’s iconic style. Blockchain minting and the secondary market go live in 21 days. It’s going to be wild. pic.twitter.com/DeinT5C2f4
— Pavel Durov (@durov) July 9, 2025
Similarly, celebrities in India have also been associated with NFTs. Amitabh Bachchan became the first Indian star to launch an NFT collection via BeyondLife.club, featuring memorabilia such as poetry recitals, autographed posters, and curated “Big B Punks” avatars. Following Bachchan, Salman Khan also entered the NFT space with his Chulbul Pandey-themed NFTs on BollyCoin, connected to his Dabangg franchise.
Other Indian icons like Rajinikanth (Shivaji NFTs), Kamal Haasan, fashion designer Manish Malhotra, and actress Sunny Leone have similarly immersed themselves in the NFT space.
A complete cycle of growth, collapse, and recovery is reflected in the NFT story. As NFTs are maturing as they are moving from speculative art to real-world applications such as virtual tickets, gaming assets, and memorabilia. The aforementioned report indicates that 2025 may be the tipping point where NFTs are synonymous with functional digital tools rooted in real-world value, rather than being a speculative fad.
