NFT Market Hits 2025 Lows as Sales and Participation Drop
Non-fungible tokens (NFTs) extended their year-end decline in December, with the sector’s total valuation falling to its lowest level of 2025. CoinGecko data show the NFT market cap at $2.5 billion in December, a 72% drop from the January peak of $9.2 billion.
Sales activity remained subdued after a weak November. During the first three weeks of December, weekly NFT sales did not exceed $70 million, lagging November’s pace. The month appears set to extend late 2025’s downtrend amid thinner year-end liquidity. The market has not returned to earlier highs despite renewed interest in use cases alongside a surge in physical collectibles such as Labubu and Pokémon cards earlier in the year.
NFT heatmap for the past 30 days. Source: CoinGecko
Participation declines weigh on NFT sales
The slowdown in sales coincided with fewer market participants in December. CryptoSlam reported that unique buyers fell to 184,302 in the first week of December from 204,032 in the final week of November, then declined further to 135,120 in the third week. Unique sellers also decreased, dropping 35.6% over the same period and slipping below the 100,000 mark for the first time since April 2021.
Transactions diminished as well. CryptoSlam data show total NFT transactions in the third week of December fell to 800,000 after the opening week of the month recorded fewer than 1 million.
Blue-chip floor prices fall; select art collections show resilience
Floor price performance among major NFT collections mirrored the broader slowdown. CoinGecko data indicate most of the top 10 projects by market capitalization posted double-digit 30-day declines, with CryptoPunks, Bored Ape Yacht Club and Pudgy Penguins down between 12% and 28%.
Some art-focused collections held steadier, with Autoglyphs, Fidenza by Tyler Hobbs and Chromie Squiggle by Snowfro posting modest gains over the same period. A collection called Sports Rollbots entered the top 10 by market cap, with a floor price of $5,800 and a valuation above $58 million, pushing Mutant Ape Yacht Club out of the top 10.
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