November Might Have Killed NFTs For Good

Last month marked the weakest period for NFT sales in 2025, with the market cap shedding hundreds of millions of dollars.

The latest figures reinforce the ongoing decline in demand for these assets, which once surged to record highs before entering a prolonged reversal after the 2022 crypto winter.

NFT Sales Sink to New Lows

November’s slump was steep. Total non-fungible token (NFT) sales fell to $320 million, nearly halving from October’s $629 million, according to CryptoSlam. That places monthly activity back near September’s $312 million, erasing what little momentum the sector had regained earlier in the fall. 

According to CoinMarketCap, the weakness has already carried into December, where the first seven days generated just $62 million in sales, marking the slowest weekly performance of the year.

The broader valuation picture reflects the same downward pressure. CoinGecko data shows the market cap of NFT marketplaces has fallen to $253 million, its lowest level on record, as prices continue to decline across even the most established collections.

This downturn is not an isolated event but the continuation of a broader, years-long contraction that has reshaped the NFT landscape since its explosive rise in the early 2020s.

From Hype Cycle to Hard Reset

NFTs first entered mainstream awareness in 2020, when early art sales and experimental drops attracted niche communities.

By 2021, the market had become a full cultural phenomenon. Trading volumes on platforms like OpenSea soon surged to billions each month.

Collections like CryptoPunks and Bored Ape Yacht Club turned into status symbols. They drew celebrities, global brands, and institutional investors. The momentum lasted into early 2022, when NFT activity hit record highs.

The peak did not last. As the broader crypto market weakened in mid-2022, NFT trading volumes contracted fast.

Liquidity dried up. Speculative capital pulled back, and floor prices across major collections fell sharply. Wash trading scandals hurt trust, and oversaturation added pressure. Thousands of low-effort collections competed for limited attention.

By late 2022, monthly volumes had decreased by more than 90% from their peak. Over the next two years, the market continued to normalize.

Some utility-driven NFTs, such as gaming assets and loyalty tokens, held steady pockets of activity. But legacy profile-picture collections lost relevance. Marketplaces fought for users with aggressive incentives, often boosting volume without creating real profit.

By 2025, the sector had shifted into a quieter role. It now operates as a niche segment within the broader digital asset market.