With the return of Maji Da Ge and Yi Nengjing, has the NFT market entered a period of deep shift?

Author: Zz, ChainCatcher

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In 2021, the star effect fueled the NFT craze. Now, they are back again, bringing different stories and bets. At the same time, NFT market trading volume has rebounded and buyers have surged. Is this apparent recovery a sign of true spring or an illusion amidst a cold winter? Is the NFT market entering a period of deep transition? Market macroeconomic data presents a puzzling contradiction. On the one hand, long-term expectations remain optimistic. Authoritative organizations such as Vancelian predict that the market size will exceed tens of billions of dollars this year. On the other hand, the short-term reality is extremely cold: the DappRadar report shows that in the second quarter of this year, NFT transaction volume fell by nearly 29% month-on-month. However, this apparent retreat did not cause market panic, but instead revealed a structural shift.

According to DappRadar data: In the second quarter of 2025, although the total transaction volume of NFT declined due to the decrease in high-priced collectibles, the number of transactions soared from about 702 million to 78%. The number of independent buyers also increased significantly by 44% from 651,000 to 936,000.

This set of "abnormal data of falling prices and increasing volumes reveals the profound changes that the market is undergoing. NFT is quietly shifting from a high-priced speculative game for a few people to a broader popularization process. As Coindoo reported: Although the trading volume has declined, the increase in the number of sales and the decline in the average transaction value just show that the market participation is more extensive, and the driving force of transactions is shifting from pure speculation to practicality and community consensus.

And at this delicate juncture, a group of “star players” who had previously left the field returned. What does their return mean?

With the return of stars, is the scythe still sharp? From Jay Chou's concept of PhantaBear to Shawn Yue's ZombieClub, and to Annie Yi's own Theirsverse. These once-fevered projects have seen their floor prices plummet by over 98% from their peak, practically returning to zero. Behind the cold numbers are the wounds that countless investors are still silently licking.

Source: Coingecko, Cryptorank

However, to understand today's market, we must look back at that year when fanaticism and sobriety were intertwined.

2021: Peak of the Carnival

This is a golden age where dreamers and speculators dance together.

Bitcoin rushed to a historic high of 69,000, and

NFTjumped from a niche toy to a global topic. 2021YearOctober Month, Maji big brother spends 425 ETHBuyCyborg Bored Ape,FOMOEmotions exploded instantly. At the end of the year, Jay Chou's concept product PhantaBear went online and sold out in 40 minutes, with daily sales exceeding 10 million US dollars. 2022: Winter is coming, but the prosperity is fleeting. Amidst multiple shocks, including black swan events, high inflation, rising interest rates, and war, Bitcoin plummeted below $20,000, and the crypto market capitalization halved to $1 trillion. Edison Chen, Shawn Yue, and Annie Yi successively launched NFT projects, but all ultimately collapsed in the bear market. TheirsverseFrom0.219 ETHFall to0.02 ETH, fell by more than96%, and Yi Nengjing was saddled with this "Leek Queen"tag.

2025 Year: Old faces return, new forces enter the game

At present, Brother Maji has completed his identity transformation, from a NFTbig investor to a Memecoin high leverage trader. He used real money to bet on BLAST and PUMP tokens, publicly disclosed his profits and losses, and became the “number one gambler” who coexisted with the market. At the same time, Yi Nengjing also quietly returned.

In addition, the legendary businessman Qian Fenglei, with his “10 billion yuan fortune”, entered the Web3 market at the beginning of the year, claiming that he would spend $100 million to build “Peach Blossom Spring NFT” Galaxy Digital's head, Mike Novogratz, quietly changed his profile picture to Pudgy Penguin. It was as if everything had returned to 2021, with stars returning and the market thriving. But this time, the enthusiasm was tempered by less blind faith and more restraint.

The transformation of the community: from followers to value "judges"

In the 2025NFTmarket, the community is no longer a mere participant, but has transformed into a real"judge. On the surface, the data looked positive: NFT trading volume steadily recovered, and the prices of blue-chip projects like CryptoPunks, BAYC, and Pudgy Penguins continued to climb. But this time, the community's reaction was unprecedentedly calm. The NFT craze of 2021 will not be repeated, @RicecakeNFT has been outspoken on X, the entry threshold has been greatly increased, and investors value practicality and community value more. These words reveal the truth about the NFT market in 2025. After the speculative bubble recedes, the return of value will become the main theme.

Community member @waleswooshpredicts that: In 2025, a top NFTproject may no longer exist, and we will see several NFTprojects with floor prices higher than 50 ETH. This year will be a year of repricing and actual value.

Community member @waleswooshpredicts that: In 2025, a top NFTproject may no longer exist, and we will see several NFTprojects with floor prices higher than 50 ETH

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The NFT world of 2025 appears bustling on the surface, but is actually calm.

From hype to consensus, from fanaticism to rationality, this profound shift in the NFT market is a reshaping of value.