Last month marked the weakest period for NFT sales in 2025, with the market capitalization losing hundreds of millions of dollars.
The latest data confirms the steady decline in demand for these assets, which had reached record highs before entering a long phase of reversal after the crypto winter of 2022.
NFT sales drop to new lows
The crash in November was marked. According to CryptoSlam, total sales of non-fungible tokens (NFTs) fell to $320 million, nearly halving from $629 million in October. This brings monthly activity close to $312 million in September, erasing the little momentum the sector had regained at the beginning of autumn.
According to CoinMarketCap, weakness continued into December, a month in which the first week generated only 62 million dollars in sales, marking the slowest weekly performance of the year.
The overall valuation reflects the same downward pressure. Data from CoinGecko shows that the market capitalization of NFT marketplaces collapsed to 253 million dollars, the lowest level ever recorded, while prices continue to fall even in the most established collections.
This decline is not an isolated event, but the continuation of a broader and multi-year contraction that has redefined the NFT landscape following their explosive growth in the early 2020s.
From hype cycle to hard reset
NFTs first entered the awareness of the general public in 2020, when the first art sales and experimental distributions attracted niche communities.
In 2021, the market became a true cultural phenomenon. Trading volumes on platforms like OpenSea soared to billions each month.
Collections like CryptoPunks and Bored Ape Yacht Club have become true status symbols. They have attracted celebrities, global brands, and institutional investors. The momentum lasted until early 2022, when NFT activity reached historic highs.
The peak did not last. With the weakening of the crypto market in mid-2022, NFT trading volumes contracted rapidly.
Liquidity has vanished, speculative capital has retreated, and the floor prices of major collections have collapsed. Wash trading scandals have undermined trust, and market saturation has exacerbated pressure. Thousands of low-quality collections have competed for limited attention.
By the end of 2022, monthly volumes had decreased by over 90% from the peak. In the following two years, the market continued to normalize.
Some utility-oriented NFTs, such as gaming assets and loyalty tokens, have maintained pockets of consistent activity. However, historical profile collections have lost relevance. Marketplaces have competed for users with aggressive incentives, often increasing volumes without leading to real profits.
By 2025, the sector had taken on a quieter role. Today it operates as a niche segment within the broader digital asset market.