NFT Supply Hits 1.34B as 2025 Sales Drop 37%, Prices Fall
The non-fungible token (NFT) market expanded in circulating supply in 2025 while recording a sharp decline in sales compared with prior years. According to CryptoSlam, more than 1.34 billion NFTs were in circulation this year, representing an increase of about 25% from a supply of one billion in 2024. Over the same period, total NFT sales reached approximately $5.63 billion, down around 37% from the $8.9 billion logged in 2024. The average price per sale declined to $96 from $124.
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The divergence indicates supply growth outpacing demand. While creators continued to mint new NFTs and platforms reduced barriers to entry, buyer participation and spending did not keep pace, dispersing liquidity across a larger number of assets.
NFT sales, buyers, and sellers chart. Source: CryptoSlam
NFT supply grew from 38 million to 1.3 billion over four years
Minting activity accelerated as tools became cheaper and more accessible across major blockchains. CryptoSlam data shows supply rose from 38 million NFTs in 2021 to more than 106 million in 2022, then increased sharply in subsequent years as creators scaled production.
By 2023, total NFT supply had already surpassed 550 million tokens and nearly doubled in 2024 to one billion. At the time of writing, supply stood at 1.34 billion tokens, a roughly 35-fold increase — about 3,400% — over four years.
While supply expanded quickly, the market’s capacity to absorb new NFTs weakened. Total NFT sales peaked in 2022 and have trended lower since.
NFT sales volume from 2021 to 2025. Source: CryptoSlam
Pricing trends reinforced the shift. The average NFT sale value fell below $100 in 2025, down from $124 in 2024 and well below the more than $400 averages seen during 2021 and 2022. The mix of rising supply, lower aggregate sales, and smaller ticket sizes points to a high-volume, low-price market with intensified competition for buyers.
NFT market capitalization kept contracting after its 2022 peak
Sector-wide market capitalization has steadily declined since reaching about $17 billion in April 2022, reflecting the unwinding of speculative excess from the previous cycle.
Total NFT market capitalization chart. Source: CoinGecko
After a partial recovery to roughly $10.8 billion in December 2024 and about $9.2 billion in January 2025, market capitalization fell further throughout the year, ending 2025 near $2.4 billion. The trend underscores persistent price pressure and thinner liquidity as overall NFT supply continues to expand.
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