NFT Market Cap Crashes 72% in 2025 as Traders Retreat

• NFT market cap had declined 72% in 2025, dropping from around $9.2B in January to roughly $2.5B by December.
• Buyer and seller numbers have also declined, with buyers down to around 135,000 and sellers below 100,000.
• NFT market sales in the first quarter of 2025 were down 63% from the year before.

According to CoinGecko data, the NFT market capitalization plunged 72% in 2025, dropping from around $9.2 billion in January to roughly $2.5 billion by December. The weekly NFT sales in December rarely exceeded $70 million, showing just how much the market has slowed down.

Buyer and seller numbers have also declined, with buyers down to around 135,000 and sellers falling under 100,000 for the first time. Blue-chip NFT projects like CryptoPunks and Bored Ape Yacht Club saw their lowest-priced items drop 12-28% recently.

Interestingly, some art-focused NFT projects, including Autoglyphs, Fidenza, and Chromie Squiggle, have held up better, even showing slight growth. Furthermore, a new collection, Sports Rollbots, has broken into the top ten most valuable NFT projects, with its cheapest item priced at $5,800. Its total collection is valued at over $58 million, bumping Mutant Ape Yacht Club from the list.

Industry sales data show that monthly NFT sales in November hit their weakest level of the year. Total transaction volume was around $320 million, approximately 49% lower than October and about 66% below January’s peak.

NFT markets had already taken a big hit early in 2025, considering sales in the first quarter were down 63% from the year earlier. Trading volume had also dropped more than 60% from the end of 2024 into the new year, showing a repeated pattern of decline.

Ethereum-Based NFTs Had a Big Sales Drop

Going by Binance’s Monthly Market Insights December 2025 report, NFTs on Ethereum (which historically dominate the market) saw some of the largest drops in sales and trading last month – 70% in total sales volume, to be more exact. 

NFTs on other chains, including BNB Chain, Bitcoin, and Base Network, fell sharply as well, with sales volumes down 74%, 43%, and 67%, respectively.

There are several factors behind the broad NFT decline, with the main one likely the decline in value of both Bitcoin and Ethereum. Basically, when big cryptocurrencies drop, it often means less investment flows into riskier areas like NFTs.

Plus, the early days of quick buying and selling for fast profits have cooled off. The NFT space is now moving toward projects with actual uses, strong communities, and real-world connections, which trade less often but might be healthier in the long run.

Related: Digital Assets 2026 Outlook: Institutional Growth, Security Risks, and Market Shifts