Last month marked the weakest period for NFT sales in 2025, with the market value contracting by several hundred million USD.
This latest figure further underscores the continuous decline in demand for this asset class, which had previously surged to record highs before facing a prolonged reversal following the crypto winter crisis in 2022.
NFT sales hit a new low.
In November, stagnation was still evident, as total non-fungible token (NFT) sales dropped to 320 million USD, nearly halving compared to 629 million USD in October, according to data from CryptoSlam, bringing this month's activity closer to 312 million USD in September and slightly diminishing the momentum that the sector had just recovered earlier this fall.
Referring to data from CoinMarketCap, this weakness extended into December, as in the first 7 days, there were only 62 million USD in sales, marking the slowest week of the year.
The overall value situation still reflects downward pressure in the same way, with data from CoinGecko indicating that the market value of the NFT platform fell to just 253 million USD, the lowest level on record. The prices of leading collections continued to decline.
This slowdown is not an isolated event but a continuation of a broad contraction that has transformed the NFT industry for years since the boom in the early 2020s.
From the cycle of exuberance to a major reset.
NFTs first entered mainstream awareness in 2020 when the sale of artwork and the launch of various experimental collections gained attention from niche groups.
Then, in 2021, the NFT market became a full-blown cultural phenomenon, with trading volume on platforms like OpenSea quickly soaring to a billion USD per month.
Collections like CryptoPunks and Bored Ape Yacht Club became status symbols that everyone desired, attracting actors, global brands, and institutional investors, driving momentum that extended until early 2022 when NFT activity peaked at a record high.
However, these peak periods did not last long, as by mid-2022, the overall crypto market began to weaken, causing NFT trading volume to contract rapidly.
Liquidity vanished, and speculative capital flowed out. Additionally, the floor prices of key collections plummeted dramatically. Wash trading fraud events shattered confidence, while oversupply in the market exacerbated the situation, with each low-quality collection competing for limited attention.
By the end of 2022, monthly trading volume decreased by more than 90% from its peak. Then, in the following two years, the market began to stabilize.
Even though NFTs with utility, such as gaming assets and reward tokens, still have some groups that maintain steady activity, older profile picture collections have lost their significance, and marketplaces compete to attract users with intense incentives, often increasing volume without generating real profits.
However, by 2025, this sector transitioned into a quiet niche group operating within the broader digital asset market.