NFT market sales hit a 2025 low in November, which may indicate that the industry has entered a comprehensive contraction stage

November could be a key turning point for the NFT market. The latest data shows that NFT sales fell to $320 million last month, the lowest level since 2025, with hundreds of millions of dollars in market value evaporated and overall demand in the industry continuing to shrink. Although NFT reached a double peak of culture and market in 2021, it is difficult to reproduce the market popularity today.

According to CryptoSlam data, total NFT sales in November almost halved, down sharply from $629 million in October and close to a low of $312 million in September. The brief recovery in the previous autumn was completely smoothed out, and the market fell into a deep downturn again. The weak trend continued in December, with CoinMarketCap showing just $62 million in sales in the first seven days of December, the slowest weekly performance of the year.

The market capitalization side is also under pressure. According to the data, the total market capitalization of the NFT market fell to $253 million, a new record low. Even blue-chip series such as CryptoPunks and BAYC are unable to stop the price decline. This decline is not an occasional fluctuation in the industry, but a continuation of a long downward cycle since the crypto winter of 2022.

The rise and fall of NFTs has gone through a typical hype cycle. In 2020, NFTs rose due to art releases; The market frenzy reached its peak in 2021, with OpenSea’s monthly trading volume exceeding billions of dollars, and NFTs becoming social status symbols, attracting global brands and celebrities. However, since the crypto market crash in 2022, NFT liquidity has dried up rapidly, series floor prices have dropped sharply, and issues such as fake transactions and over-issuance have exacerbated the industry’s trust crisis.

By the end of 2022, the NFT market’s monthly trading volume had plummeted by more than 90% from its peak. Over the next two years, the market continued to cool, with only NFTs with clear utility, such as game assets and loyalty tokens, remaining stable. Traditional avatar PFP series are gradually marginalized, and trading platforms frequently introduce zero fees and subsidies to attract users, but it is difficult to bring true transaction depth.

As we move into 2025, NFTs have emerged from the mainstream narrative and become a relatively niche segment of the digital asset ecosystem. The deep decline in November shows that the industry is still in a period of adjustment, and the market may enter a long-term “hard reset” stage. （BeinCrypto）