The number of NFTs in circulation in 2025 rose 25 percent to more than 1.34 billion, but total sales fell 37 percent to $5.63 billion, Cointelegraph reported on Dec. 31.
The average sale price also fell to $96 from $124.
CryptoSlam data showed NFT supply rose 35-fold in four years, from 38 million in 2021 to 1.3 billion in 2025. Total sales have continued to decline after peaking in 2022. As the market shifted to a mass-supply, low-price competition system, the average NFT transaction price also fell below $100.
NFT market capitalisation also shrank to $2.4 billion in 2025 from $17 billion in 2022, showing a rapid deflation of a speculative bubble. Experts expect that "the NFT market will move away from a short-term profit model and be reshaped around practical utility and culture."
Chi-gyu Hwang
delight@d-today.co.kr