The NFT market has fallen to levels seen before 2021, Cointelegraph reported on Thursday.

Cointelegraph said NFT market capitalisation fell to below $1.5 billion amid a broader decline across the cryptocurrency market.

CoinGecko data showed the sharp drop in NFTs occurred alongside a decline in the cryptocurrency market cap over the past two weeks to $2.2 trillion from $3.1 trillion. Bitcoin fell to $65,000 from $89,000, and ethereum slid to $1,800 from $3,000. The two coins are regarded as the top networks by NFT trading volume.

NFT issuance increased, but demand fell sharply. NFT issuance in 2025 rose 25 percent from a year earlier to 1.3 billion units, but trading volume fell 37 percent to $5.6 billion. The average transaction price also dropped to below $100.

The NFT market has also seen signs of large-scale exits. Sports brand Nike sold digital collection studio RTFKT, which it acquired during the 2022 NFT boom. The sale followed setbacks including a platform shutdown and investor lawsuits. NFT exchange Nifty Gateway also announced it will stop operating on Feb. 23, and social NFT platform Rodeo has warned it will close in March after failing to expand.