NFT Slump Worsens With Monthly Sales Hitting Rock Bottom

Overview

The NFT market is experiencing a significant downturn, with trading activity sharply declining over recent weeks. This slump has raised concerns regarding demand as the year comes to a close, with both sales and overall valuations suffering substantial drops.

Sales and Volume Plunge

Recent data from market trackers indicates a notable decrease in NFT sales, with November figures plummeting to $320 million. This marks a decline from nearly $630 million in October and aligns closely with the $312 million reported in September. The beginning of December has not shown any signs of recovery; from December 1 to December 7, NFT collections generated approximately $62 million in sales, which is the lowest weekly total recorded so far in 2025. Market participants are facing challenges due to lower trading activity and a reduction in significant transactions.

Market Cap Shrinks Dramatically

According to CoinGecko, the overall market capitalization of the NFT sector has contracted to $3.1 billion, reflecting a 66% decrease from a January peak of $9.2 billion. The month-to-month changes are stark, with values dropping from $6.6 billion in October to $3.5 billion in November, representing a 46% decline within the span of about 30 days. Although there was a temporary increase in market cap on November 11, rising from $3.5 billion to nearly $4 billion due to a surge in memecoins, this uptick was short-lived, and the market cap subsequently retreated back to $3.1 billion. These fluctuations illustrate the volatility of the NFT market, heavily influenced by speculative trading.

Blue Chips Mostly Lose Ground

Prominent NFT collections have not been spared from this downturn. Reports indicate that leading collections like CryptoPunks experienced a decline of approximately 12% over the past month. Other notable collections also faced losses, with Bored Ape Yacht Club down by 8.5% and Pudgy Penguins dropping 10.6%. Additionally, art-focused blue-chip NFTs saw declines as well: Chromie Squiggle decreased by 5.6%, Fidenza fell by 14.6%, and Moonbirds experienced a reduction of 17.9%. The Mutant Ape Yacht Club also saw a decline of 13.4%, while Hypurr suffered the most significant drop among major names, declining by 48%.

Two Collections Show Gains

Despite the overall negative trend, not all projects have followed suit. Infinex Patrons recorded an increase of nearly 15% over the last month, and Autoglyphs outperformed the top ten collections with a 21% gain. These exceptions were attributed to heightened collector interest and, in some cases, the projects’ limited supply or unique on-chain history. However, such positive performances remain rare in the current market environment.

Outlook as Year Ends

The weak performance at the beginning of December suggests that the NFT market may continue to face challenges as the year draws to a close. The current environment is characterized by thinner liquidity and short-lived price rallies driven by other events in the crypto market, which have failed to establish lasting momentum. As a result, prices across many collections have continued to decline, and trading volumes have not demonstrated a sustained recovery.

From author

The current state of the NFT market highlights significant volatility and uncertainty as we approach the end of the year. The drastic reductions in sales and market capitalization indicate that many participants are reassessing their positions amidst a challenging trading environment. The few collections that have seen gains suggest that there is still some interest in niche projects, but overall, the market remains under pressure.

Impact on the crypto market

• NFT sales have sharply declined, raising concerns about overall market demand.
• Market capitalization has decreased significantly, indicating reduced investor confidence.
• Major blue-chip collections have experienced substantial losses, reflecting a broader market trend.
• A few projects have managed to gain value, showcasing pockets of interest despite overall declines.
• The thin liquidity and lack of sustained trading volume suggest ongoing challenges for the NFT sector moving forward.