NFT Market Slides to New Lows
The NFT market has entered one of its weakest periods in recent memory, with monthly sales falling to their lowest level of 2025. According to CryptoSlam, NFT sales dropped to $320 million in November, a steep decline from $629 million in October. This downturn pushed monthly volumes back to levels not seen since September 2024, when sales hovered around $312 million.
The slowdown has continued into December. From Dec. 1–7, NFT sales totaled just $62 million, marking the weakest weekly performance of the year and signaling that the bearish momentum may persist through the month.
Overall market capitalization reflects the same sharp decline. CoinGecko data shows the NFT market cap at $3.1 billion, down 66% from its January peak of $9.2 billion.
Blue-Chip NFTs Lose Ground
Most top NFT collections mirrored the broader market decline throughout the last 30 days.
CryptoPunks, the largest by market capitalization, slid 12%, while Bored Ape Yacht Club fell 8.5%. Pudgy Penguins dropped 10.6%, extending the downturn across the most recognizable NFT assets.
Art-focused blue-chip collections were also hit hard:
• Chromie Squiggle: down 5.6%
• Fidenza: down 14.6%
• Moonbirds: down 17.9%
• Mutant Ape Yacht Club: down 13.4%
The sharpest decline came from Hypurr, which shed 48%—the biggest drop among the top 10 NFT collections.
Infinex Patrons and Autoglyphs Defy the Downtrend
Despite the market-wide slump, two major collections bucked the negative trend.
Infinex Patrons, now the second-largest NFT collection by market cap, posted a strong 14.9% gain in the last 30 days. Meanwhile, Autoglyphs surged 20.9%, outperforming all other top-10 NFT projects.
These exceptions highlight that while the broader NFT sector is cooling, select high-profile collections continue to attract buyers and maintain liquidity.
A Difficult Quarter for NFTs
The deepening NFT winter follows an already turbulent quarter. As previously reported, NFT valuations saw a dramatic decline between October and November. Digital collectibles plunged from a $6.6 billion market cap to $3.5 billion—a 46% drop in only 30 days—even as monthly sales saw a brief uptick.
There was a momentary rebound on Nov. 11, when the market cap climbed from $3.5 billion to $3.9 billion, supported by renewed trading interest and a broader memecoin rally.
However, the recovery was short-lived. The NFT market cap has now fallen back to $3.1 billion, marking a 53% decline since October.
Outlook: NFT Winter Likely to Continue
With monthly sales shrinking, blue-chip collections sliding, and market cap trending downward, the NFT sector faces ongoing pressure as 2025 progresses. Early December numbers suggest that investor appetite for digital collectibles remains weak, and unless macro sentiment improves, the NFT winter may continue to deepen.
