Last month was the weakest for NFT sales in 2025, with hundreds of millions of dollars lost in market value.
The latest figures confirm the ongoing decline in demand for these assets, which previously reached record highs before a prolonged downturn following the 2022 crypto winter.
NFT sales are dropping to new lows
November was an especially dull month. Total sales in the non-fungible token (NFT) market fell to $320 million, nearly half of October's $629 million, according to CryptoSlam. Monthly activity thus returned to nearly the September level of $312 million, wiping out any slight optimism the sector had regained in the fall.
According to CoinMarketCap, the weakness continued into December, when only 62 million dollars in sales were made in the first seven days. This was the slowest weekly result of the year.
A broader value view reflects the same downward pressure. CoinGecko's data shows that the market value of NFT marketplaces has fallen to 253 million dollars, the lowest figure recorded. Prices have also declined for the most well-known collections.
The downturn is not a single event, but part of a broader and years-long contraction that has shaped the NFT sector after its rapid growth in the early 2020s.
From hype phase to a hard reset
NFTs gained widespread awareness in 2020 when the first art sales events and experimental releases attracted small communities.
By 2021, the market was in full cultural phenomenon mode. Trading volumes on platforms like OpenSea reached billions of dollars every month.
Collections like CryptoPunks and Bored Ape Yacht Club became status symbols. They attracted celebrities, global brands, and institutional investors. The atmosphere continued into early 2022, when NFT activity reached record levels.
However, the peak did not last long. As the broader cryptocurrency market weakened in mid-2022, NFT trading volumes shrank rapidly.
Liquidity vanished. Speculative capital withdrew, and floor prices for large collections fell sharply. Wash trading scandals eroded trust, and oversupply added pressure. Thousands of collections built with little effort competed for limited attention.
By the end of 2022, monthly volumes had decreased by over 90 percent from the peak. In the following two years, the market continued to normalize.
Some utility-based NFTs, such as game assets and loyalty tokens, maintained stable activity in certain areas. However, traditional profile picture collections lost significance. Marketplaces competed for users with aggressive incentives, which often increased volume but did not bring real returns.
By 2025, the sector had shifted to a quieter role. It now operates as a small part of the broader digital asset market.