CoinGecko data reveals NFT market cap has nearly halved in 30 days, with top collections like BAYC and CryptoPunks seeing sharp value declines despite rising trading volumes.
NFT Market Faces Sharp Downturn
The non-fungible token (NFT) market has suffered a dramatic 46% collapse in capitalization over the past month, underscoring the fragility of digital collectible valuations. According to CoinGecko, the sector’s market cap plunged from $6.6 billion on Oct. 5 to $3.5 billion as of Wednesday, marking one of the steepest monthly declines of 2025.
This decline came despite a 13% rise in trading activity during October, as data from CryptoSlam showed NFT sales reached $631 million, up from $556 million in September. Analysts say this paradox reflects increased speculative churn rather than genuine price recovery.
“Trading volumes rising while prices collapse signals panic rotation — not confidence,” said a digital asset researcher. “Liquidity remains shallow, and valuations are driven by sentiment rather than fundamentals.”
30-day sales volume by blockchain.
Blue-Chip Collections Lose Their Shine
Even the most established NFT projects were not spared. CryptoPunks recorded a 40% volume drop, with floor prices sliding from $214,000 to $117,000 in just one month. Moonbirds fared worse, falling 63% in trading activity as floor prices more than halved from $14,700 to $6,500.
Ironically, popular collections like Bored Ape Yacht Club (BAYC) and Pudgy Penguins saw trading volume growth—30% and 83%, respectively—but their floor prices still collapsed. BAYC tumbled from $36,700 to $19,500, while Pudgy Penguins slid from $43,000 to $18,340.
This divergence between higher sales and falling valuations underscores how speculative and liquidity-sensitive the NFT market has become.
Blockchain Performance and Institutional Shifts
Among major networks, BNB Chain and Polygon suffered the steepest drops in NFT activity, at 82% and 86%, while Ethereum, the dominant NFT ecosystem, fell 25.5%. Bitcoin-based NFTs, however, managed a 9% increase, while Base NFTs rose 24%, showing isolated resilience amid the broader selloff.
As NFT valuations tumble, industry leaders are pivoting toward broader onchain opportunities. Marketplace giant OpenSea announced its transition into a universal onchain trading hub, signaling strategic diversification. Meanwhile, Animoca Brands reaffirmed plans to list on Nasdaq, highlighting continued investor interest in Web3 gaming and metaverse ventures even as NFT enthusiasm fades.
With liquidity drying up and investor focus shifting, the NFT market’s sharp correction marks a new phase — one defined by consolidation, not euphoria.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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