The global non-fungible token (NFT) sector fell below $1.5 billion in total market capitalization, returning to levels last seen before the sector’s rapid expansion in 2021.
The retracement unfolded alongside a broader crypto market downturn over the past two weeks, CoinGecko data shows. On Jan. 23, total crypto market capitalization stood at about $3.1 trillion, before falling to $2.2 trillion on Friday.
CryptoSlam data showed that the number of NFTs in circulation rose to nearly 1.3 billion in 2025, up by 25% compared to 2024. Total NFT sales fell 37% year-over-year to $5.6 billion, while average sale prices slipped below $100.
The divergence suggests that while minting became cheaper and barriers to issuance fell, buyer participation and spending failed to keep up.
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