NFT sales hit a new low for 2025, signaling a slowdown in digital collectible momentum as the market heads into December.
Data from CryptoSlam shows that November NFT sales totaled $320 million, roughly half of October’s $629 millionand near the levels last seen in September 2024, when monthly sales reached $312 million. Early December has continued the weak trend, generating just $62 million in sales from Dec. 1–7 the lowest weekly total recorded this year.
The decline reflects a broader contraction in NFT valuations.
CoinGecko reports that the overall NFT market cap stands at $3.1 billion, down 66% from its January peak of $9.2 billion.
Top collections mirror market downturn
Most major NFT collections tracked the broader market decline. CryptoPunks, the largest by market capitalization, fell 12% over the past 30 days, while Bored Ape Yacht Club slipped 8.5% and Pudgy Penguins dropped 10.6%.
Art-driven blue-chip collections also faced losses: Chromie Squiggle slid 5.6%, Fidenza declined 14.6%, Moonbirdsdropped 17.9%, and Mutant Ape Yacht Club was down 13.4%. Among the top 10 collections, Hypurr experienced the steepest decline at 48%.
A few collections bucked the trend. Infinex Patrons, the second-largest NFT collection by market cap, gained 14.9%, while Autoglyphs outperformed all top 10 collections with a 20.9% increase over the last 30 days.
Market volatility persists as 2025 concludes
The downturn follows a turbulent quarter for NFTs. From October to November, market valuations fell sharply from $6.6 billion to $3.5 billion even as sales saw minor gains, representing a 46% drop in just 30 days. A brief recovery on Nov. 11 pushed the market cap to $3.9 billion, supported in part by renewed interest linked to a memecoin rally.
That rebound proved temporary.
As of early December, CoinGecko reports the NFT market cap at $3.1 billion, down 53% from October levels. The figures suggest that the NFT winter may persist as the market struggles to regain momentum heading into the final weeks of 2025.
Comparing current market trends with past years
Looking at historical patterns, the current NFT downturn is part of a recurring cycle of boom and correction in digital collectibles. While the 2021 NFT boom saw monthly sales surpass $3 billion, subsequent market adjustments in 2022 and 2023 brought sales down to the low hundreds of millions, similar to the levels seen this year.
Even within the 2024 recovery, monthly sales rarely exceeded $700 million, and peaks were brief. November 2025’s total of $320 million and early December’s $62 million week highlight how momentum has slowed compared with both early-year highs and post-2024 recovery periods.
The pattern mirrors a broader trend in crypto markets, where speculative interest has concentrated on fewer high-profile collections and utility-driven projects. Despite declines, certain blue-chip NFTs and generative art collections continue to attract attention, suggesting that while overall market activity is subdued, pockets of sustained value remain.
By contextualizing the current market against previous cycles, it becomes clear that NFT volatility is not new, but the pace and depth of this year’s decline underscore the need for collectors and investors to monitor market conditions closely.
Gunel Ismayilova
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