The NFT market has slowed sharply, with buying activity falling back toward its lowest levels this year. Weekly and monthly totals dropped significantly, and overall market values continued to decline.
According to market data, trading cooled notably in November and early December, raising new questions about demand as the year ends.
Sales and Volume Drop
NFT sales fell to $320 million in November, down from nearly $630 million in October, according to CryptoSlam. That figure is close to the $312 million recorded in September 2024.
The trend did not improve at the start of December. From December 1–7, collections generated about $62 million in sales—the weakest weekly total so far in 2025. Traders are facing lower turnover and fewer large transactions.
Market Cap Falls Sharply
Data from CoinGecko shows the sector’s market cap now stands at $3.1 billion, down 66% from a January high of $9.2 billion.
There was also a steep monthly swing: values dropped from $6.6 billion in October to $3.5 billion in November—a 46% fall in roughly 30 days. A brief rally on November 11, driven by memecoins, pushed the market cap from $3.5 billion to nearly $4 billion, but the recovery was short-lived, and it later fell back to $3.1 billion.
These moves highlight that prices remain volatile and driven by waves of speculative interest.
Blue-Chip Collections Mostly Decline
Top collections were not spared. Over the past month, CryptoPunks fell about 12%, Bored Ape Yacht Club slid 8.5%, and Pudgy Penguins dropped 10.6%.
Art-focused blue-chip works also declined: Chromie Squiggle lost 5.6%, Fidenza fell 14.6%, Moonbirds dropped 17.9%, and Mutant Ape Yacht Club slipped 13.4%. The largest decline among major names was Hypurr, which fell 48%.
Two Collections Post Gains
Not every project followed the downward trend. Infinex Patrons rose nearly 15% in the last 30 days, and Autoglyphs outperformed the top ten with a 21% gain.
These outliers were supported by collector interest, and in some cases by the projects’ limited supply or unique on-chain history. Still, such gains remain the exception.
Outlook as the Year Ends
The weak start to December suggests the downturn could continue through year-end. Liquidity is thinner now, and short-lived rallies driven by other crypto market events have failed to create lasting momentum.
Prices have fallen across a wide range of collections, and trading volumes have not shown a sustained recovery.
Frequently Asked Questions
Of course Here is a list of FAQs about the recent slump in NFT sales designed to be clear and helpful for everyone from beginners to more experienced observers
Beginner Definition Questions
1 What does NFT sales have hit a new low actually mean
It means the total monetary value and number of NFTs being bought and sold across major marketplaces has dropped significantly to its lowest point in a recent period often measured in months or years
2 What is an NFT simply put
An NFT is a unique digital certificate of ownership for a specific item like digital art a collectible or a membership pass stored on a blockchain Its nonfungible because it cant be directly replaced with an identical item unlike money where one dollar equals another
3 Why should I care if NFT sales are low
Its a key indicator of the overall health and interest in the digital collectibles and crypto art market A prolonged slump can affect creators investors and the development of new projects in the space
Causes Market Dynamics
4 Whats causing this market slump
A combination of factors a general crypto winter with lower prices for cryptocurrencies like Ethereum less speculative hype economic uncertainty reducing disposable income and a shift in investor focus to other areas like AI or decentralized finance
5 Is this the end of NFTs
Most experts say no Its likely a market correction and coolingoff period The technology and use cases for NFTs are still being developed The boom of 2021 was arguably a bubble this slump may separate shortterm speculation from longterm utility
6 Werent NFTs supposed to be a safe investment
NFTs were never considered a safe investment like a bond or savings account They are highly speculative volatile assets The recent slump is a stark reminder of their risk
Impact Examples
7 How does this affect NFT creators and artists
Its challenging With fewer sales and lower prices its harder to earn a living Many are focusing on building stronger communities offering more utility or waiting for the market to improve rather than relying on quick sales