NFT Market Faces Steep Decline with Sales at Record Lows

A significant decrease in buying activity has led the NFT market to struggle, bringing it close to its lowest points of the year. Weekly and monthly sales figures have dropped sharply, and overall valuations continue to decline.

Key Takeaways

NFT sales dropped to $320 million in November, a significant decrease from October's $630 million.
Market capitalization has shrunk by 66% since January, now at $3.1 billion.
Major NFT collections, including CryptoPunks and Bored Ape Yacht Club, have seen declines in value.
A few collections, like Infinex Patrons and Autoglyphs, managed to show gains during this downturn.
The overall trend suggests that the NFT market may continue to weaken as the year concludes, with low liquidity affecting trading volumes.

NFT

According to market observers, trading activity saw a marked slowdown in November, which carried over into the first week of December, raising new doubts about market demand as the year comes to a close.

November Sales Drop Significantly

NFT sales plunged to $320 million in November, down from nearly $630 million in October, as indicated by data from CryptoSlam. This figure is comparable to the $312 million reported in September 2024. Reports suggest that the initial week of December did not show any improvement; between December 1 and 7, collections managed to generate only about $62 million in sales—the lowest weekly total recorded so far in 2025. Many market participants are experiencing reduced trading volumes and fewer large transactions.

Sales and Volume Data
Source: CryptoSlam

Market Capitalization Dips Sharply

Data from CoinGecko indicates the NFT sector's market cap stands at $3.1 billion, reflecting a staggering 66% drop from January's peak of $9.2 billion. Month-over-month reports show even more drastic changes, with the sector's value falling from $6.6 billion in October to $3.5 billion in November—a decline of 46% within roughly 30 days.

There was a brief increase in value on November 11, as the market cap surged from $3.5 billion to nearly $4 billion during a memecoin-driven spike. However, this recovery was fleeting, with the market cap subsequently falling back to $3.1 billion. These fluctuations highlight ongoing price volatility, driven largely by short bursts of speculative interest.

Market Cap Trends
NFT market heat map for the past month. Source: Coingecko

Top NFT collections have not escaped this downward trend. For instance, CryptoPunks experienced a 12% drop in value over the month. Bored Ape Yacht Club decreased by 8.5%, while Pudgy Penguins fell by 10.6%. Art-focused blue-chip NFTs also suffered losses: Chromie Squiggle dropped 5.6%, Fidenza declined by 14.6%, Moonbirds went down by 17.9%, and Mutant Ape Yacht Club saw a slip of 13.4%. The most substantial decline among major collections came from Hypurr, which plummeted by 48%.

Top Collections Data
Source: Coingecko

Not all projects followed this downward trajectory. Infinex Patrons saw nearly a 15% rise over the last 30 days, and Autoglyphs exceeded the top ten collections with a striking 21% gain.

Total Market Cap
Total crypto market cap currently at $3.13 trillion. Chart: TradingView

These positive outliers experienced upticks due to collector interest and, in some instances, their limited supply or unique history on the blockchain. However, these gains remain rare rather than commonplace.

The sluggish start to December hints that the market downturn may persist as the year wraps up. With lower liquidity, brief rallies spurred by other events in the crypto market have failed to establish enduring momentum. Prices have slumped across a broad range of collections, and trading volumes have yet to demonstrate a consistent recovery.