Yeliz Akmaca 
The NFT market reached its lowest valuation at the end of 2025 after a year of sustained weakness. According to CoinGecko, the total NFT ecosystem value fell from $9.2 billion in January to $2.5 billion in December, representing an annual decline of approximately 72%.
This drop was not limited to prices. Weekly NFT sales in December failed to surpass $70 million, marking a slowdown compared to November. As the year ended, thinning liquidity contributed to the continued downward trend.
Participation Declined, Liquidity Weakened
The slowdown was also reflected in the number of buyers and sellers. CryptoSlam data showed unique buyers decreased to 135,120 by the third week of December. On the seller side, the decline was more pronounced: unique sellers fell 35.6%, dropping below 100,000 for the first time since April 2021.
Transaction volume mirrored this trend. In the third week of December, total NFT transactions dropped to 800,000, with even the first week of the month failing to exceed 1 million. These figures indicate speculative interest has sharply declined, with new market entrants remaining limited.
Why This Matters
The drop in participation naturally constrains liquidity, making price discovery harder and putting even strong collections under selling pressure. Weak year-end investor interest leaves the market vulnerable heading into 2026.
Blue-Chip NFTs Under Pressure
Top NFT collections were not immune. CoinGecko data shows CryptoPunks, Bored Ape Yacht Club, and Pudgy Penguins experienced floor price drops of 12–28% over 30 days, indicating weakening demand even for well-established projects.
Traditional year-end gains, often referred to as the “Santa Claus rally,” did not materialize this year, leaving collections to close 2025 with low volume and depressed prices.
Art-Focused NFTs Show Resilience
Despite the overall decline, not all NFT segments fell equally. Autoglyphs, Fidenza (Tyler Hobbs), and Chromie Squiggle recorded modest price increases. Pudgy Penguins also saw a 13% sales increase in Q1 2025, reaching $72 million, showing some blue-chip collections weathered the downturn.
FIFA Collect data reveals that reservation NFTs for high-demand teams like Argentina, Spain, and France sold for $999 each and quickly sold out, highlighting a shift from speculative, high-priced profile picture (PFP) NFTs toward more functional, community-oriented assets.
Sports Rollbots Surprise
Another highlight in December was Sports Rollbots, which entered the top 10 NFT collections by market cap. With a floor price of $5,800 and valuation above $58 million, it pushed Mutant Ape Yacht Club out of the top 10, showing that new projects can stand out even in limited liquidity conditions.
2025 data clearly indicates the NFT market is moving away from speculative growth. Declines in buyers, sellers, and transactions suggest a shift toward cautious market behavior, with low activity levels shaping the pace of recovery in 2026.
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