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NFT markets experienced their sharpest contraction in weeks, with buyer and seller participation collapsing by more than 75% as total sales volume dropped 27.65% to $62.6 million, according to CryptoSlam data.
The decline, down from $88.3 million the previous week, marks a dramatic retreat from what had been a volatile but occasionally booming segment of the crypto ecosystem, with both Ethereum and Bitcoin chains seeing participation rates plunge by over 86%.
“This week’s figures reflect a market that’s rapidly transitioning from speculative frenzy to far more cautious engagement,” – Alessandra Russo
Also, he analysed that the dustained declines in buyer and seller activity could reshape how collectors and investors approach NFTs going forward.
Ethereum continued to dominate NFT trading, recording approximately $26.8 million in sales, marginally below the prior week’s total.
Yet even on Ethereum, buyer participation fell by over 86%, illustrating broad disengagement.
Bitcoin’s NFT ecosystem saw an even steeper fall. Bitcoin-based NFT sales crashed by more than 65%, dropping to roughly $10.4 million of the week’s total trading volume.
Buyer counts on the Bitcoin chain also plummeted, down roughly 86% relative to the previous week. BNB Chain and other networks such as Immutable and Solana showed mixed results.
BNB Chain’s sales remained relatively flat, while Solana saw modest gains in transaction value even as trade counts declined.
However, overall engagement across chains pointed toward a broad pullback in NFT trading activity.
Jordan Lee analysed that the shift away from high-volume NFT trading is real and we are seeing participation metrics collapse faster than raw sales totals.
Despite the downturn, some collections outperformed the broader market. CryptoPunks, one of the most established Ethereum-based NFT series, saw increased demand relative to other assets, with sales rising to approximately $3.6 million.
Other collections such as YES BOND on the BNB chain and Panini America posted notable activity, with Panini’s trading volume growing more than 170%. However, these isolated successes stood in stark contrast to the broader weakening trend.
High-value individual sales continued to occur, albeit at lower levels than in past cycles. A BRC-20 NFT on Bitcoin fetched around $1.37 million in a standout sale with a sharp decline from record high sales reported in prior weeks.
The NFT slump is part of a wider cooling in crypto asset markets. While major cryptocurrencies such as Bitcoin and Ethereum held key price support levels with Bitcoin hovering near the $90,000 mark — broader speculative interest in NFTs has faded.
Weekly transactions across NFT markets fell by over 23%, further highlighting a pullback in trading and liquidity.
Market analysts attribute the slump to a combination of macroeconomic caution among investors and a sector pivot toward utility-focused use cases over speculative trading.
Recent monthly data suggests the downturn extends beyond weekly swings: NFT trading volumes in November reached multi-month lows, and the industry’s total market capitalization has fallen significantly from earlier highs in 2025.
Industry observers say the current contraction could accelerate structural shifts within the space, with an increased emphasis on real-world utility, gaming integrations, and community engagement rather than pure price speculation.
Emma Chen, co-founder of NFT marketplace ArtVerse, commented on the evolving landscape saying the market is maturing, and they are moving away from purely hype-driven trading toward projects that offer tangible value or strong community foundations.
As the markets navigate this downturn, attention will remain on whether renewed innovation or external catalysts can reignite broader trading activity among collectors and investors.
