Non-fungible tokens (NFTs) have fallen to their lowest monthly sales volume this year, with the market capitalization of digital collectibles falling more than 66% from their January peak.
Data from CryptoSlam shows that NFT sales fell to $320 million in November, about half of the $629 million recorded in October. The drop brought monthly volumes back to levels not seen since September 2024, when digital collectibles sales reached $312 million.
The data also shows that NFTs generated $62 million in sales between December 1 and 7, marking the weakest weekly total of 2025. December’s slow start suggests the downturn could last throughout the month as NFT momentum slows.
The downtrend comes amid a broader decline in NFT valuations. According to CoinGecko, the sector’s total market capitalization is $3.1 billion, down 66% from January’s high of $9.2 billion.
NFT market cap in 2025. Source: CoinGecko
Blue chips are falling, but Infinex Patrons and Autoglyphs are bucking the trend
Data from CoinGecko showed that most of the top NFT collections reflected the broader market decline, with CryptoPunks, the largest by market cap, down 12% over the past 30 days.
Bored Ape Yacht Club fell 8.5%, while Pudgy Penguins fell 10.6% in the same time frame, continuing the decline of the most dominant NFT assets.
The recession has not spared the art-driven blue chip collections. Chromie Squiggle is down 5.6%, Fidenza is down 14.6%, Moonbirds is down 17.9% and Mutant Ape Yacht Club is down 13.4% over the past month.
The biggest drop came from Hypurr, which lost 48%, making it the biggest drop among the top 10 NFT collections.
Meanwhile, two major collections posted gains over the past thirty days, breaking the downward trend. Infinex Patrons, currently the second-largest NFT collection by market cap, posted a 14.9% gain, while Autoglyphs outperformed the entire top 10 leaderboard with a 20.9% gain over the past 30 days.
NFT collections 30-day heat map. Source: CoinGecko
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The NFT winter deepens as 2025 ends
The latest drop comes amid a turbulent quarter for the NFT market. As Cointelegraph previously reported, NFTs recorded a sharp drop in valuation from October to November.
Digital collections fell from $6.6 billion to $3.5 billion, while revenue rose slightly. This represented a drop of 46% in just 30 days.
The weakness was followed by a rebound. On November 11, the NFT market cap briefly recovered from $3.5 billion to $3.9 billion, reflecting renewed appetite alongside a memecoin rally.
However, the recovery was short-lived. Data from CoinGecko showed that the NFT market cap was $3.1 billion, down 53% from October.
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