Last month marked the weakest period for NFT sales in 2025, with the market cap losing hundreds of millions of dollars.
The latest figures reinforce the ongoing decline in demand for these assets, which once soared to record highs before entering a prolonged reversal after the 2022 crypto winter.
NFT sales sink to new lows
The November slump was steep. According to CryptoSlam, total non-fungible token (NFT) sales fell to $320 million, nearly halving from $629 million in October. That brings monthly activity back near September’s $312 million, wiping out any little momentum the sector regained earlier in the fall.
According to CoinMarketCap, the weakness has already extended into December, where the first seven days generated just $62 million in sales, marking the slowest weekly performance of the year.
NFTs are so bad right now.
Market capitalization fell from $6.6 billion to $3.5 billion and volume fell by about 65 percent.
OpenSea’s most hyped token was even pushed to the first quarter of 2026.
Most holders didn’t drop because of price. They are down because no one is buying.
The healthiest restart this… pic.twitter.com/YTrWoK3UKv
— Salem☠️ (@web3_Salem) December 3, 2025
The broader valuation picture reflects the same downward pressure. Data from CoinGecko shows that the market cap of NFT marketplaces has fallen to $253 million, the lowest level ever, while prices continue to fall even among the most established collections.
This downturn is not an isolated event, but the continuation of a broader, years-long decline that has reshaped the NFT landscape since its explosive rise in the early 1920s.
From hype cycle to hard reset
NFTs first entered the mainstream consciousness in 2020, when early art sales and experimental dropouts attracted niche communities.
By 2021, the market had become a full-fledged cultural phenomenon. Trading volumes on platforms like OpenSea quickly rose to billions per month.
Collections like CryptoPunks and Bored Ape Yacht Club turned into status symbols. They attracted celebrities, global brands and institutional investors. The momentum continued until early 2022, when NFT activity reached record highs.
The climax did not last. When the broader crypto market weakened in mid-2022, NFT trading volumes shrank rapidly.
Liquidity dried up. Speculative capital withdrew and the bottom prices of the large collections fell sharply. Scandals surrounding trade transactions damaged confidence, and oversaturation created extra pressure. Thousands of collections requiring little effort competed for limited attention.
By the end of 2022, monthly volumes were down more than 90% from their peak. Over the next two years the market continued to normalize.
Some utility-driven NFTs, such as gaming assets and loyalty tokens, saw steady activity. But old profile photo collections lost their relevance. Marketplaces fought for users with aggressive incentives, often increasing volume without creating real profits.
By 2025, the sector had transitioned to a quieter role. It now operates as a niche segment within the broader digital asset market.
The post November Could Have Killed NFTs For Good appeared first on BeInCrypto.