Last month, we recorded the weakest sales period in the NFT market in 2025. The sector's capitalization fell by hundreds of millions of USD.
The latest data confirms a decline in demand for NFT assets. Previously, the market reached record levels, and then underwent a significant correction during the crypto winter of 2022.
Sales in the NFT market are falling to new lows.
The November drop was sharp. Total sales of non-fungible tokens (NFTs) fell to $320 million. According to CryptoSlam, this is nearly half of the October level — $629 million. This signifies a return close to September's $312 million and erasing a small increase from the fall.
According to CoinMarketCap, this trend persisted in December. In the first seven days, NFTs worth only 62 million USD were sold. This is the weakest weekly result of the year.
The overall market valuation reflects the same downward pressure. Data from CoinGecko shows that the market capitalization of NFTs fell to 253 million USD — the lowest in history. Moreover, prices continue to decline, even for the most well-known collections.
This deterioration is not an isolated phenomenon. It is a continuation of a long-term downward trend that transformed the landscape of NFTs following a sharp rise in the early 20s.
From mega hype to a hard reset
NFTs emerged in the mainstream in 2020. The first sales of digital artworks and experimental releases attracted niche communities.
In 2021, the market became a cultural phenomenon. Volumes on platforms like OpenSea rose to billions of USD monthly.
Collections like CryptoPunks and Bored Ape Yacht Club became status symbols. They attracted celebrities, global brands, and institutional investors. This trend continued until early 2022, when NFT activity reached record levels.
However, the peak did not last long. By mid-2022, as the entire cryptocurrency market weakened, NFT trading volumes plummeted.
Liquidity disappeared. Speculative capital withdrew, and entry prices for major collections sharply declined. Furthermore, scandals involving wash trading eroded trust. Oversaturation added pressure. Thousands of weak collections fought for limited attention.
By the end of 2022, monthly volumes had fallen by over 90% from the peak. In the following two years, the market gradually stabilized.
Some utility NFTs, such as in-game assets and loyalty tokens, maintained stable activity. Classic profile collections lost significance. Platforms competed for users with aggressive promotions, often inflating volumes without real profit.
By 2025, the NFT market transitioned into a calmer phase. It now operates as a niche segment of the broader digital asset market.
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