With the return of Maji Da Ge and Yi Nengjing, is the NFT market really going to recover this time?

Author: Zz, ChainCatcher

"There was Maji before, and now there's Yi Nengjing. Many of the biggest names in NFT trading last year have returned."

In 2021, the star power fueled the NFT craze. Now, they're back again, bringing unique stories and bets.

Meanwhile, NFT market trading volume has rebounded, with a surge in buyers. 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?

The market's macroeconomic data presents a puzzling contradiction.

On the one hand, long-term expectations remain optimistic. Authoritative institutions such as Vancelian predict that the market size will exceed tens of billions of dollars this year. On the other hand, On the one hand, the short-term reality is remarkably bleak: DappRadar reports that NFT transaction volume declined by nearly 29% quarter-over-quarter in the second quarter of this year.

However, this apparent retreat has not caused market panic; instead, it reveals a structural shift.

According to DappRadar data, in the second quarter of 2025, although the total NFT transaction volume declined due to a decrease in high-priced collectibles, the number of transactions surged 78% from approximately 7.02 million to 12.5 million, and the number of unique buyers also increased significantly by 44% from 651,000 to 936,000.

This unusual data set of "falling prices and rising volumes" reveals the profound changes the market is undergoing. NFTs are quietly shifting from a high-priced speculative game for a few to a broader "popularization process."

As Coindoo reported: Despite a decline in trading volume, the increase in sales and the decline in average transaction value indicate broader market participation, and that the driving force behind transactions is shifting from pure speculation to practicality and community consensus.

And at this delicate juncture, A group of previously departed "star players" have returned. What does their return truly signify?

With the return of stars, is the scythe still sharp?

From Jay Chou's PhantaBear to Shawn Yue's ZombieClub, to Annie Yi's own Theirsverse, these once-fevered projects have seen their floor prices plummet over 98% from their peak, practically to zero. Behind these cold numbers lie the wounds of countless investors still silently licking their wounds.

Source: Coingecko, Cryptorank

However, to understand today's market, we must look back to that year of mixed enthusiasm and sobriety.

2021: Peak of the Carnival

This was a golden age where dreamers and speculators danced together.

Bitcoin hit an all-time high of $69,000, and NFTs leapt from niche toys to global buzz. In October 2021, Maji spent 425 ETH to buy Cyborg Bored Ape, FOMO exploded instantly.

At the end of the year, Jay Chou-themed PhantaBear sold out in 40 minutes, with daily sales exceeding $10 million.

2022: Winter Arrives

But prosperity was fleeting. Amidst multiple shocks, including black swan events, high inflation, interest rate hikes, 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. Theirsverse plummeted from 0.219 ETH to 0.02 ETH has plummeted over 96%, earning Yi Nengjing the label "The Queen of Chives." 2025: Old faces return, new forces enter the game Mr. Maji has completed his transformation, transitioning from a major NFT investor to a high-leverage Memecoin trader. He bets real money on BLAST and PUMP tokens, publicly sharing his profits and losses, becoming a "number one gambler" who thrives with the market. Meanwhile, Yi Nengjing has quietly returned. Furthermore, legendary businessman Qian Fenglei, with his "tens of billions" fortune, entered Web3 earlier this year, claiming to invest $100 million in the creation of a "Peach Blossom Spring NFT." Galaxy Digital CEO Mike Novogratz quietly switched to Pudgy. Penguin avatar.

It feels like we've returned to 2021, with stars returning and the market thriving. But this time, the excitement is tempered by less blind faith and more restraint.

The Transformation of the Community: From Followers to "Judges" of Value

In the NFT market of 2025, the community will no longer be a mere participant, but will transform into a true "judge."

On the surface, the data looks positive: NFT trading volume has steadily rebounded, with CryptoPunks, BAYC, and Pudgy... The prices of blue-chip projects like Penguins continue to climb. However, this time, the community's reaction has been unprecedentedly calm.

"The 2021 NFT craze won't be repeated,"@RicecakeNFT stated bluntly on X,"The barrier to entry has significantly increased, and investors prioritize practicality and community value."This statement reveals the truth about the NFT market in 2025: after the speculative bubble recedes, a return to value will become the dominant theme.

Community member @waleswoosh predicted: "By 2025, not a single top NFT project may exist, but we will see several with floor prices exceeding 50 ETH. This year will be a year of repricing and real value."

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

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