NFT winter deepens: Monthly sales hit lowest point of the year

• NFT sales dropped to $320M in November, the lowest level of the year.
• Monthly volumes fell 50% from October, returning to 2024 lows.
• Early December is the weakest start of 2025, signaling deeper decline.
• Overall NFT market cap sank 66% from its January peak.
• Blue-chip NFTs also slid, except Infinex Patrons (+14.9%) and Autoglyphs (+20.9%).
• Market shows no signs of recovery as 2025 closes with sharp pullbacks.

Non-fungible tokens are facing their harshest downturn of the year as November sales cratered to $320 million, marking a dramatic collapse from earlier highs and reinforcing the intensifying “NFT winter.” According to data from CryptoSlam, November’s sales volume was roughly half of October’s $629 million, pulling activity back to levels not seen since September 2024, when monthly sales briefly touched $312 million.

The slowdown has extended into December as well. Between Dec. 1 and 7, NFT sales totaled just $62 million — the weakest weekly performance of 2025 so far. Analysts warn this soft start likely signals another sluggish month ahead, with little indication that momentum will return in the near term. The recent weakness has also been mirrored in broader market capitalization trends: CoinGecko data shows the total NFT market cap sitting at $3.1 billion, a steep 66% decline from January’s peak of $9.2 billion.

This deepening slump has affected nearly every major NFT collection. CryptoPunks, the largest blue-chip by market cap, slid 12% over the past 30 days, while Bored Ape Yacht Club fell 8.5% and Pudgy Penguins dropped 10.6%. Even the previously resilient art-focused collections couldn’t escape the downturn — Chromie Squiggle declined 5.6%, Fidenza dropped 14.6%, Moonbirds slid 17.9%, and Mutant Ape Yacht Club sank 13.4%. The biggest contraction among top collections came from Hypurr, which suffered a massive 48% decline, the sharpest drop within the top 10 market-cap leaderboard.

However, not all collections faltered. Two major projects bucked the trend by posting notable gains amidst the wider decline. Infinex Patrons, now the second-largest NFT collection by market cap, rose 14.9% over the past month, while Autoglyphs recorded the strongest performance in the top 10, surging 20.9% in the same period. These rare pockets of strength highlight an uneven landscape where only select collections manage to attract sustained demand.

The intensifying NFT downturn caps off a turbulent quarter. From October to November, the overall market experienced a dramatic valuation drop — falling from $6.6 billion to $3.5 billion — even as sales volumes saw a slight uptick. The plunge represented a severe 46% decline in just 30 days, signaling deep structural weakness. A brief rebound occurred on Nov. 11, when the NFT market cap temporarily recovered from $3.5 billion to $3.9 billion, buoyed by renewed trading activity and a broader memecoin rally. But this resurgence proved short-lived.

As of the latest data from CoinGecko, the NFT market cap has fallen back to $3.1 billion, marking a 53% slide from October’s levels. With sales stagnating and valuations continuing to erode, 2025 is closing on an unmistakably bearish note for NFTs — and many analysts believe the sector may face further challenges before signs of recovery emerge.