The NFT market's热度 is closely tied to blockchain activity, but the correlation isn't always direct. NFT trading spikes often align with heightened on-chain transactions, smart contract interactions, and wallet activity, particularly on Ethereum, where most NFTs reside. For instance, during 2021's NFT boom, Ethereum's transaction volume surged alongside NFT sales. However, blockchain activity can remain high due to DeFi or other dApps, even when NFT interest wanes. Conversely, speculative NFT hype can drive temporary blockchain activity without sustained network growth. Data from 2023-2024 shows periods of low NFT trading volume despite steady blockchain usage, suggesting external factors like market sentiment or macroeconomic trends also play roles. Thus, while blockchain activity provides infrastructure and signals demand, NFT market heat is more sentiment-driven than purely tied to underlying chain metrics.