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NFT minting continued to accelerate in 2025 even as buyer spending declined, pushing the market deeper into a high-volume, low-price dynamic.The global non-fungible token (NFT) market expanded sharply in total supply this year, while sales volumes and average prices fell significantly from 2024 levels, according to data from CryptoSlam.Total NFT supply climbed to more than 1.34 billion tokens in circulation in 2025, up roughly 25% year-on-year from around one billion in 2024. The increase in minted assets occurred alongside a notable contraction in overall market activity.NFT sales drop despite rising mint activityNFT sales totaled approximately $5.63 billion in 2025, representing a 37% decline from the $8.9 billion recorded last year, CryptoSlam data shows. Average sale prices also weakened, falling to $96, down from $124 in 2024.The widening gap between supply and demand highlights a market under pressure, where creator output continues to grow but buyer participation and spending have failed to keep pace. Lower entry barriers, cheaper minting tools, and broader blockchain support have encouraged higher issuance, while liquidity has become increasingly fragmented across a larger number of assets.NFT supply expanded more than 35-fold in four yearsThe expansion in NFT supply has been consistent and steep over the past four years.CryptoSlam data shows that total NFTs in circulation rose from 38 million in 2021 to more than 106 million in 2022, before accelerating further as creators scaled production. By 2023, supply had surpassed 550 million tokens, nearly doubling again in 2024 to reach one billion.As of late 2025, NFT supply stands at 1.34 billion tokens, representing roughly 3,400% growth, or a 35-fold increase, since 2021.While minting activity expanded rapidly, the market’s capacity to absorb new NFTs weakened over the same period. Total sales peaked during the 2021–2022 cycle and have trended lower since.Prices and liquidity continue to compressPricing data reinforces the shift in market structure. Average NFT sale values fell below $100 in 2025, well under the $124 average in 2024 and far below the $400-plus averages seen during the peak years of 2021 and 2022.Market capitalization also deteriorated throughout the year. After a partial recovery to $10.8 billion in December 2024 and holding near $9.2 billion in January 2025, total NFT market capitalization slid steadily, ending 2025 at approximately $2.4 billion.The continued decline underscores how thinner liquidity and falling prices have persisted even as overall supply continued to rise.NFTs shift toward a high-volume, low-price modelThe combination of rising supply, falling total sales, and shrinking average ticket sizes suggests that NFTs are increasingly evolving into a high-volume, low-price market, where competition for buyer attention and liquidity is intensifying.Rather than scarcity-driven speculation, the market is increasingly shaped by utility-based use cases, cultural engagement, and lower-priced mass issuance — a structural shift that continues to redefine how NFTs are created, traded, and valued.NFT market cap remains well below 2022 peakThe broader NFT sector has continued to unwind excess from the previous cycle. Total market capitalization has steadily declined since peaking at around $17 billion in April 2022, reflecting a prolonged correction following the speculative boom.While minting volumes remain elevated, the data suggests that sustained recovery in prices and liquidity will likely depend on renewed demand, stronger utility adoption, and improved capital inflows — rather than continued expansion in supply alone.

According to PANews, recent data from CryptoSlam reveals a 4.72% decrease in NFT market transaction volume over the past week, totaling $63.52 million. Despite this decline, the number of NFT buyers increased by 27.24% to 303,404, while sellers rose by 25.91% to 213,831. However, the number of NFT transactions fell by 7.36%.In terms of network-specific transaction volumes, Ethereum saw a 24.86% drop to $20.41 million. Conversely, Bitcoin's transaction volume surged by 52.64% to $12.02 million. The BNB Chain experienced a 9.78% decrease to $7.8 million, while Polygon's transaction volume increased by 16.18% to $5.65 million.Notable high-value transactions this week included the sale of $X@AI BRC-20 NFT for $1.92 million, equivalent to 21.7344 BTC. Additionally, CryptoPunk #8408 was sold for $118,176.63, or 39 ETH, and CryptoPunk #8476 fetched $110,904.23, or 36.6 ETH.

According to PANews, data from CoinGecko indicates that the NFT market continued its downward trend in December 2025, with the total market value dropping to $2.5 billion, marking the lowest point of the year. This represents a 72% decrease from the January peak of $9.2 billion. During the first three weeks of December, weekly NFT sales did not exceed $70 million, falling below November's levels, and market participation has significantly declined.CryptoSlam data reveals that the number of unique buyers in the first week of December fell from 204,032 at the end of November to 184,302, and further decreased to 135,120 by the third week. The number of unique sellers also dropped by 35.6% during the same period, falling below 100,000 for the first time. Correspondingly, transaction volume decreased, with total transactions in the third week dropping to 800,000 from 1 million at the beginning of the month.Floor prices for blue-chip NFT projects have generally declined, with top projects like CryptoPunks, Bored Ape Yacht Club, and Pudgy Penguins experiencing price drops between 12% and 28% over the past 30 days. However, art-related NFT projects such as Autoglyphs, Fidenza, and Chromie Squiggle have shown relative resilience, recording slight growth. Additionally, Sports Rollbots has emerged as a new entrant in the top ten NFT projects by market value, with a floor price of $5,800 and a total valuation exceeding $58 million, replacing Mutant Ape Yacht Club on the list.

According to PANews, Reddit has officially halted its NFT services, as revealed by Unfungible co-founder Sharbel. The platform is shutting down its in-app wallet, known as 'Vault,' and has removed the feature allowing users to view others' digital collectibles.

According to PANews, the NFT market has seen a 10.18% decrease in trading volume over the past week, amounting to $66.71 million, as reported by Crypto.news. The number of NFT buyers fell by 66.91% to 165,759, while sellers decreased by 70.44% to 120,912. Additionally, the number of NFT transactions dropped by 13.88%.Ethereum network's trading volume reached $24.93 million, marking a 3.02% decline from the previous week. In contrast, the BNB Chain network saw a 45.64% increase in trading volume, reaching $10.83 million, and the Solana network experienced a 48.27% rise, totaling $5.65 million.Notable high-value transactions this week included the sale of CryptoPunks #6615 for $153,356.75 (47.99 ETH), CryptoPunks #309 for $134,530.52 (42 ETH), CryptoPunks #4566 for $123,808.45 (39.9 ETH), and CryptoPunks #4172 for $111,232.08 (33 ETH).

According to Cointelegraph, the non-fungible token (NFT) market has experienced a substantial decline, reaching its lowest monthly sales volume this year. Digital collectibles have seen a significant drop in market capitalization, falling over 66% from their January highs. Data from CryptoSlam reveals that NFT sales plummeted to $320 million in November, a stark contrast to the $629 million recorded in October. This decline has brought monthly volumes back to levels not seen since September 2024, when sales hit $312 million. Further analysis shows that between December 1 and 7, NFTs generated $62 million in sales, marking the weakest weekly total of 2025. This slow start to December indicates that the downturn may continue throughout the month as NFT momentum wanes. The downward trend is part of a broader decline in NFT valuations. CoinGecko reports that the sector's overall market cap stands at $3.1 billion, a 66% decrease from its peak of $9.2 billion in January. CoinGecko data also highlights that most top NFT collections have mirrored the broader market decline. CryptoPunks, the largest by market cap, fell 12% over the last 30 days. Bored Ape Yacht Club slipped 8.5%, while Pudgy Penguins dropped 10.6% during the same period, continuing a pullback across dominant NFT assets. Art-driven blue-chip collections were not spared either, with Chromie Squiggle sliding 5.6%, Fidenza falling 14.6%, Moonbirds dropping 17.9%, and Mutant Ape Yacht Club down 13.4% in the last month. Hypurr experienced the largest decline among the top 10 NFT collections, shedding 48%. Despite the overall downturn, two major collections posted gains in the last 30 days, defying the trend. Infinex Patrons, currently the second-largest NFT collection by market cap, saw a 14.9% increase, while Autoglyphs outperformed the entire top 10 leaderboard with a 20.9% surge. The latest decline comes amid a turbulent quarter for the NFT market. As previously reported by Cointelegraph, NFTs recorded a sharp drop in valuation from October to November, with digital collections falling from $6.6 billion to $3.5 billion, representing a 46% drop in just 30 days. This weakness was followed by a brief rebound on November 11, when the NFT market cap recovered from $3.5 billion to $3.9 billion, reflecting renewed interest alongside a memecoin rally. However, the recovery was short-lived, as CoinGecko data shows the NFT market cap is now at $3.1 billion, down 53% from October.

According to PANews, the NFT market has seen a notable decrease in activity over the past week, with transaction volumes dropping by 9.22% to $85.31 million. The number of NFT buyers fell sharply by 96.75%, reaching 20,349 individuals, while sellers decreased by 95.05% to 23,241. Additionally, the number of transactions declined by 4.21%, totaling 1,405,561.The Ethereum network recorded a transaction volume of $33.42 million, marking a 14.97% decrease from the previous week. The Base network saw its transaction volume fall by 27.35% to $7.25 million, and the Mythos Chain network experienced an 11.3% decline, reaching $7 million.Among the high-value transactions this week were several CryptoPunks sales: CryptoPunks #8295 sold for $196,275.14 (54.69 ETH), CryptoPunks #5361 for $173,369.70 (45 ETH), CryptoPunks #5295 for $165,743.73 (49.99 ETH), CryptoPunks #9537 for $160,023.86 (41.5 ETH), and CryptoPunks #2845 for $151,059.23 (39 ETH).

According to PANews, the NFT market experienced a notable decrease in trading volume over the past week, with a 30.73% drop to $95.8 million, as reported by Crypto.news. Despite this decline, the number of NFT buyers increased by 22.82%, reaching 626,234, while the number of sellers rose by 13.54% to 469,316. However, the total number of NFT transactions fell by 5.08%, totaling 1,458,311.In terms of network-specific performance, the Ethereum network saw a 12.94% increase in trading volume, reaching $40.28 million. Conversely, the Bitcoin network experienced a 12.12% decrease, with trading volume falling to $11.52 million. The Base network recorded an 8.73% increase, with a trading volume of $10.09 million.This week, several high-value NFT transactions were noted. CryptoPunks #8407 was sold for $413,469.94 (100 ETH), Bored Ape Yacht Club #3105 fetched $359,769.63 (90 ETH), and V1 Cryptopunks Wrapped #4350 was sold for $248,839.14 (62.9 ETH). Additionally, Autoglyphs #256 sold for $222,558.91 (59 WETH), and CryptoPunks #7378 was purchased for $212,360.44 (51 ETH).

According to PANews, the NFT project Pudgy Penguins has announced a collaboration with DreamWorks Animation's Kung Fu Panda. This partnership marks a significant development in the NFT space, bringing together a popular digital collectible project and a renowned animation franchise.

According to PANews, the NFT market has seen a substantial decrease in trading volume over the past week, with figures dropping by 39.93% to $94.91 million, as reported by Crypto.news. Despite this decline, the number of NFT buyers increased by 33.14% to 509,798, while sellers rose by 21.04% to 413,225. However, the total number of NFT transactions fell by 7.63%, reaching 1,543,392.The Ethereum network recorded a trading volume of $36.75 million, marking a 62.46% decrease from the previous week. In contrast, the Bitcoin network saw a 15.57% increase in trading volume, reaching $13.07 million. The Base network experienced a decline of 34.8%, with a trading volume of $9.24 million.Notable high-value transactions this week included the sale of Known Origin #264609 for $246,984.31 (63.8 ETH), CryptoPunks #7839 for $174,846.97 (44.99 ETH), CryptoPunks #7378 for $173,119.61 (45 ETH), and CryptoPunks #7461 for $167,646.53 (42 ETH).

According to Foresight News, Falcon Finance has released the results of its Perryverse NFT whitelist. Users who staked 1,000 FF tokens before the snapshot can check their whitelist eligibility. The whitelist minting will commence on October 22 at 20:00 UTC+8 and will be open for 24 hours. Eligible wallets can mint one Perryverse NFT using 1,000 FF tokens.Additionally, users who staked 1,000 FF tokens but were not included in the whitelist will be eligible for a 5% discount during the public minting period, requiring 1,900 FF tokens. The public minting event is scheduled to take place from October 23 at 20:00 UTC+8 to October 25 at 19:59 UTC+8, lasting for 48 hours.

According to PANews, the NFT market experienced a 5.02% increase in trading volume over the past week, reaching $158 million, as reported by Crypto.news. The number of NFT buyers surged by 126.93% to 382,881, while sellers increased by 124.15% to 341,290. Additionally, the number of NFT transactions rose by 2.48%, totaling 1,703,436.Ethereum network transactions amounted to $98.95 million, marking a 20.31% rise from the previous week. The Base network recorded $14.16 million in sales, a decrease of 6.15%. Meanwhile, Bitcoin network transactions fell by 29.6%, totaling $9.87 million.Notable high-value transactions this week included Bored Ape Yacht Club #1878, which sold for $1.65 million (400 ETH), and several CryptoPunks sales: #854 for $195,823.70 (47.46 ETH), #5054 for $194,037.84 (47 ETH), #8746 for $193,859.75 (46.69 ETH), and #9537 for $192,416.83 (46 ETH).

According to PANews, the NFT market experienced a substantial increase in trading volume over the past week, with a 95.23% rise to $257.4 million, as reported by Crypto.news. The number of NFT buyers grew by 18.14% to 693,590, while sellers increased by 17.77% to 584,235. However, the total number of NFT transactions decreased by 8.67% to 1,874,619. Ethereum network trading volume reached $96.34 million, marking a 94.44% increase from the previous week. Bitcoin network trading volume also increased by 39.71% to $11.47 million. Notable high-value transactions this week included the sale of CryptoPunks #1563 for $12.05 million (2745 ETH), Hypurrr #3926 for $7.86 million, Hypurrr #175 for $7.82 million, Hypurrr #1131 for $7.63 million, and Hypurrr #3460 for $6.46 million.

According to Cointelegraph, a U.S. judge has dismissed a lawsuit filed by investors against Web3 company Yuga Labs, concluding that non-fungible tokens (NFTs) do not meet the legal definition of securities. Judge Fernando M. Olguin determined that the plaintiffs failed to demonstrate how the Bored Ape Yacht Club (BAYC), ApeCoin (APE), or other NFTs sold by Yuga Labs satisfied the criteria of the Howey test. This test, established by the Securities and Exchange Commission (SEC), is used to assess whether a transaction qualifies as an investment contract. The lawsuit was initially filed in 2022. Yuga Labs marketed its NFTs as digital collectibles offering membership perks to an exclusive club, positioning them as consumables rather than investment contracts, according to Judge Olguin. He stated that the promise of future consumptive benefits does not inherently transform these benefits into investment-like in nature. The judge emphasized that the plaintiffs did not prove that the Bored Ape Yacht Club and other NFT collections launched by Yuga Labs constituted a "common enterprise" with the expectation of profits generated by others. This ruling aligns with legal precedent suggesting that most digital assets are not securities. The NFTs, which are traded on public blockchain networks, did not establish a continuous and dependent financial relationship between the purchaser and Yuga Labs, thus failing to qualify as a "common enterprise" under the Howey Test, Judge Olguin noted. Investors who acquired NFTs from the company paid fees to Yuga Labs that were separate from the NFT prices, as highlighted by Consensys attorney Bill Hughes on X. Furthermore, Judge Olguin concluded that Yuga Labs did not make explicit promises of profit to potential NFT buyers, and the project's roadmap did not meet the Howey test's conditions regarding the expectation of profit. He clarified that statements about a product's inherent or intrinsic value are not necessarily indicative of profit expectations. While statements about NFT prices and trade volumes might suggest a closer connection to profit expectations, they alone do not establish such an expectation, he added.

According to PANews, data from Cryptoslam reveals that Bitcoin's on-chain NFT transactions in September amounted to approximately $43.82 million, marking the lowest monthly transaction volume since May 2023. Additionally, Ethereum's on-chain NFT transactions for September reached around $176 million, setting a record for the lowest monthly transaction volume in the third quarter of 2025.

According to Cointelegraph, Vesting NFTs have surged to the forefront of daily sales volume rankings on CryptoSlam, generating over $12.4 million on the BNB Chain. This significant increase has propelled these niche non-fungible tokens (NFTs) ahead of established digital art collections such as CryptoPunks and Pudgy Penguins. The rise in interest suggests that investors are exploring new liquidity options for vested tokens. As a result, BNB Chain emerged as the leading network for daily NFT sales, reaching approximately $14 million, nearly doubling Ethereum's $7 million for the same period.The data from CryptoSlam indicates that the UNCX Network, a decentralized service provider, is behind the Vesting NFTs that have gained traction on BNB Chain. This project enables users to wrap vested tokens and mint them as tradable NFT vouchers. Vesting is a common practice used to prevent early investors and team members from quickly selling their tokens for profit and exiting the business prematurely. By locking tokens, projects effectively restrict holders from selling them. However, Vesting NFTs offer a potential solution by allowing holders of vested tokens to access liquidity through the sale of their NFTs. These NFTs encapsulate token lockups into tradable vouchers, granting the holder rights to claim the vested tokens according to a predetermined timeline. This mechanism enables users with locked tokens to trade and maintain liquidity without violating their original vesting agreements.While the volume for Vesting NFTs currently stands in the millions, crypto vesting remains a deeply integrated mechanism within the crypto ecosystem. Tokenomist data revealed that in September, approximately $15 billion in vested tokens were released into the market, with an additional $10 billion expected to be unlocked in the coming months. Beyond Vesting NFTs, other utility-based NFTs also ranked among the top 10 on CryptoSlam's 24-hour chart. The real-world asset (RWA) tokenization platform Courtyard, which allows users to use NFTs as vouchers for physical collectibles, secured the tenth position with nearly $500,000 in sales. In April, Courtyard's sales surged, propelling Polygon to the top of the weekly NFT sales chart, with Courtyard NFTs reaching a volume of $22.3 million in just seven days. Additionally, DMarket, a platform facilitating the sale of interoperable gaming NFTs, ranked among the top projects in NFT sales. This platform enables gamers to use NFTs as unique digital certificates of ownership for gaming cosmetics, character outfits, and weapon appearances.

According to PANews, recent data from CryptoSlam reveals a 1.27% increase in NFT market transactions over the past week, reaching $108.6 million. This growth is accompanied by a rise in market participation, with the number of NFT buyers increasing by 53.24% to 276,735, and sellers rising by 67.19% to 206,669. However, the total number of NFT transactions decreased by 6.65%, totaling 1,630,579.The Ethereum network saw a significant transaction volume increase of 42.85%, reaching $46.7 million. In contrast, the Mythos Chain network experienced a decline of 21.91%, with transactions totaling $12.15 million. Bitcoin network transactions also saw a slight decrease of 2.17%, amounting to $9.82 million.Notable high-value transactions this week included BOOGLE, sold for 1,380 SOL, equivalent to $324,846. Additionally, several CryptoPunks were sold: #8521 for 55.48 ETH ($255,288), #4420 for 56.388 ETH ($254,250), #2642 for 52.1 ETH ($239,735), and #1180 for 49.89 ETH ($232,394).

According to PANews, recent data from CryptoSlam indicates a modest recovery in the NFT market, with transaction volumes increasing by 5.69% to reach $106.6 million over the past week. Despite this uptick, the number of NFT buyers fell by 69.84% to 180,693, while sellers decreased by 70.87% to 123,713. The total number of NFT transactions rose by 2.60% to 1,754,295. The Ethereum network saw a transaction volume of $34.02 million, marking a 4.95% decline from the previous week. In contrast, the Mythos Chain network experienced a significant increase of 61.06%, reaching $15.50 million. Meanwhile, the Polygon network's transaction volume dropped by 14.39% to $13.37 million. Among the week's notable high-value sales were several CryptoPunks NFTs. CryptoPunks #2368 sold for 89 ETH, equivalent to $408,599. Other significant sales included CryptoPunks #5702 at 57.95 ETH ($264,994), CryptoPunks #8464 at 48.5 ETH ($225,753), CryptoPunks #6557 at 50 ETH ($220,923), and CryptoPunks #5935 at 46.5 ETH ($216,444).

According to Foresight News, OpenSea's NFT Reserve Initiative, known as the OpenSea Flagship Collection, has announced the acquisition of Pudgy Penguin #1647 and CryptoPunk #5273. This move marks a significant addition to their growing collection of non-fungible tokens.