November Might Have Killed NFTs For Good
Last month marked the weakest interval for NFT gross sales in 2025, with the market cap shedding a whole lot of tens of millions of {dollars}.
The newest figures reinforce the continued decline in demand for these property, which as soon as surged to file highs earlier than coming into a chronic reversal after the 2022 crypto winter.
NFT Sales Sink to New Lows
November’s droop was steep. Total non-fungible token (NFT) gross sales fell to $320 million, almost halving from October’s $629 million, in accordance with CryptoSlam. That locations month-to-month exercise again close to September’s $312 million, erasing what little momentum the sector had regained earlier within the fall.
According to CoinMarketCap, the weak point has already carried into December, the place the primary seven days generated simply $62 million in gross sales, marking the slowest weekly efficiency of the yr.
The broader valuation image reflects the same downward pressure. CoinGecko information reveals the market cap of NFT marketplaces has fallen to $253 million, its lowest stage on file, as costs proceed to say no throughout even essentially the most established collections.
This downturn is not an isolated event however the continuation of a broader, years-long contraction that has reshaped the NFT panorama since its explosive rise within the early 2020s.
From Hype Cycle to Hard Reset
NFTs first entered mainstream consciousness in 2020, when early artwork gross sales and experimental drops attracted area of interest communities.
By 2021, the market had develop into a full cultural phenomenon. Trading volumes on platforms like OpenSea quickly surged to billions every month.
Collections like CryptoPunks and Bored Ape Yacht Club became standing symbols. They drew celebrities, international manufacturers, and institutional buyers. The momentum lasted into early 2022, when NFT exercise hit file highs.
The peak didn’t final. As the broader crypto market weakened in mid-2022, NFT trading volumes contracted fast.
Liquidity dried up. Speculative capital pulled again, and ground costs throughout main collections fell sharply. Wash buying and selling scandals harm belief, and oversaturation added stress. Thousands of low-effort collections competed for restricted consideration.
By late 2022, month-to-month volumes had decreased by more than 90% from their peak. Over the subsequent two years, the market continued to normalize.
Some utility-driven NFTs, equivalent to gaming property and loyalty tokens, held steady pockets of activity. But legacy profile-picture collections misplaced relevance. Marketplaces fought for customers with aggressive incentives, typically boosting quantity with out creating actual revenue.
By 2025, the sector had shifted right into a quieter function. It now operates as a distinct segment phase throughout the broader digital asset market.
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