The non-fungible tokens (NFT) market expanded in overall supply, but saw significantly lower sales in 2025 compared to previous years.
Data from CryptoSlam shows that the total number of NFTs in circulation this year rose to over 1.34 billion, a 25% increase from the one billion supply in 2024. The increased supply has paralleled declining sales.
According to data from CryptoSlam, NFT sales in 2025 were approximately $5.63 billion, down about 37% from last year’s $8.9 billion. Average sales prices also fell year-over-year, from $124 to $96.
The difference points to a market where supply growth is exceeding demand. As creators continued to produce new NFT pieces and platforms lowered barriers to entry, buyer participation and spending lagged, spreading liquidity across a much larger number of assets.
NFT chart for sales, buyers and sellers. Source: CryptoSlam
The NFT supply grew from 38 million to 1.3 billion in four years
The total number of NFTs minted and released into circulation grew steadily each year as the coin instruments became cheaper and easier to use on major blockchains.
Data from CryptoSlam shows that supply rose from 38 million NFTs in 2021 to over 106 million in 2022, before sharply accelerating in subsequent years as creators scaled up production. By 2023, total NFT supply had surpassed 550 million tokens, before almost doubling to 1 billion by 2024.
At the time of writing, NFT supply stood at 1.34 billion tokens, representing a 35-fold increase, or approximately 3,400% growth, over the past four years.
As supply rapidly increased, the market’s ability to absorb new NFTs weakened. Total NFT sales peaked in 2022 and have been on a downward trend since then.
NFT sales volume from 2021 to 2025. Source: CryptoSlam
Price data reinforced the shift. The average NFT sale value fell below $100 in 2025, compared to $124 in 2024. It is also well below the $400 average during the 2021 and 2022 boom.
The combination of rising supply, lower overall sales and shrinking ticket sizes suggests that NFTs are increasingly becoming a high-volume, low-price market where competition for buyers’ attention will be more intense.
Related: NFTs shifted to utility and culture as prices faded in 2025
The NFT market cap continued to shrink after the 2022 peak
The total capitalization of the NFT sector has been steadily declining since peaking at around $17 billion in April 2022, due to the ebbing of the speculative surplus from the previous cycle.
Chart of total NFT market cap. Source: CoinGecko
After a partial recovery to $10.8 billion in December 2024 and around $9.2 billion in January 2025, the market capitalization fell further this year, closing 2025 at around $2.4 billion.
The downward trend shows how lower prices and lower liquidity persisted as total NFT supply continued to grow.
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