The Evolution of Art NFTs: A Journey from $2.9 Billion to $23.8 Million

Art NFTs experienced a massive boom in popularity between 2021 and 2022, with trading volumes reaching a peak of $2.9 billion, a spike largely attributed to significant sales and widespread media coverage.

The number of active traders soared from 19,615 in 2020 to 529,101 in 2022. However, by Q1 2025, the market had drastically declined by 93%, with trading volumes at $23.8 million and only 19,575 active traders left. Many once popular NFT collections have faced obscurity, with trading volumes and sales for most platforms dropping by an average of 95%.

Despite the drastic downturn, DappRadar suggests that this signifies an evolution of the Art NFT market, transitioning from a hype-driven to a more discerning, value-oriented market.