Art NFT trading volume has collapsed by 93% since their 2021 peak, dropping from $2.9 billion that year to just $197 million in 2024 which was declared the worst year for the artifacts, and further declining to $23.8 million in Q1 2025.
REPORT | 2024 Was One of the Worst Years for #NFTs, Says Latest @DappRadar Report
On an annual basis, NFT trading volume decreased by 19% compared to 2023, and NFT sales saw an 18% decline.https://t.co/D3stRQb8IJ pic.twitter.com/jPuqeMwGVj
— BitKE (@BitcoinKE) January 20, 2025
This is according to a new report by DappRadar analyzing the massive downturn of a sector which was seen as the future of art consumption when it cropped up in 2020. That year trading volume reached $28.7 million and over 101,000 sales – all exclusively on Ethereum.
According to the analysis, 2021 marked the pinnacle of this Art NFTs, with trading volumes soaring over 10,000% year-over-year to a staggering $2.9 billion.
NFT Market Grew 21,000% In 2021 with 470 Wallets Making Over $1 Million, Says Latest March 2022 Reporthttps://t.co/sGwHaD6KFA @nonfungibles #NFTs
— BitKE (@BitcoinKE) March 16, 2022
While that year wasn’t the highest year in terms of the number of sales, 2021 witnessed some of the most iconic and high-value NFT transactions, including:
“Everydays: The First 5000 Days” by Beeple – Sold for $69.3 million
“HUMAN ONE” by Beeple – Sold for $28.9 million
“Right-Click and Save As Guy” by XCOPY – Sold for $7.09 million
“Crossroad” by Beeple – Sold for $6.6 million
“Ringers #109” by Dmitri Cherniak (Art Blocks) – Sold for $6.93 million
By 2022, the first signs of correction emerged: although the number of sales climbed by 31% to 1.91 million, total trading volume dipped 19% to $2.38 billion – which, according to DappRadar, gave a a clear signal that average prices were falling as the initial hype began to fade.
The downtrend didn’t stop there. In 2023 and 2024, the Art NFT market continued to contract sharply. Trading volume plummeted by a staggering 93% from its 2021 peak, settling at just $197 million. Sales volume, too, declined by 81%, reflecting a broader drop in enthusiasm and investor confidence.
Now in 2025, the market appears to be in free fall. With the year still underway, trading volume has already dropped further to a mere $23.8 million – a far cry from its heyday.
The dramatic collapse in trading volume from the highs of 2021 underscores just how volatile sentiment in emerging markets can be.
When looking at the average price of an art NFT:
2021 marked the peak of Art NFT value, with the average sale price reaching $2,044.
But in 2022, the average price per Art NFT dropped by 39%, settling at $1,251.
Despite a 70% drop in trading volume in 2024, the average Art NFT price rose by 79% compared to 2023. Prices continued to decline in 2023, hitting $475.37, before experiencing
A modest recovery to $1,273.09 in 2024, and
$645.34 in Q1 2025
That said, since 2023, Bitcoin-based NFTs – widely known as Ordinals – have rapidly gained traction, emerging as a serious contender in the art NFT space traditionally dominated by Ethereum.
[EXPLAINER] What Are Bitcoin Ordinals (NFTs on the Bitcoin Blockchain) and How Do They Work? $BTC https://t.co/DvG3Syp9ZB
— The Coin Detective (@acoindetective) March 12, 2023
The average price of Bitcoin NFTs started at just $63.45 in 2023, but
Surged to $559.05 in 2024, and
Climbed even higher to $633.24 in the first quarter of 2025.
Finally, when assessing ART NFTs through active traders, the market saw a meteoric rise in active traders:
From just 19,615 in 2020 to
A peak of 529,101 in 2022, driven by explosive sales and media hype. However, the momentum quickly reversed.
By 2023, traders dropped to 282,683, then
Plummeted to 76,176 in 2024, and
Further down to 19,575 in Q1 2025 – almost back to pre-boom levels.
Furthermore, major platforms like Art Blocks and SuperRare, which established themselves behind the Art NFT movement, have seen trading volumes drop by over 90%, with sales falling even further.
Foundation’s activity has nearly vanished, and others like MakersPlace and KnownOrigin have shut down entirely. On average, the top 20 Art NFT collections have suffered a 95% drop in both trading volume and sales, underscoring the market’s dramatic decline, the Dappradar report says.
That said, while the hype has undeniably faded, the report maintains that the market has simply shed its speculative excesses. What we’re seeing is a correction and an evolution toward a more mature, sustainable space.
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