Rising NFT Minting Collides With Falling Buyer Spending
The global NFT market moved in opposite directions in 2025, with total NFT supply expanding rapidly while sales volumes and prices declined sharply. Market data shows that creators continued to mint at scale, even as buyer demand weakened, reshaping NFTs into a high-volume, lower-value marketplace.
NFT Supply Growth Outpaces Demand
Total NFTs in circulation climbed to approximately 1.34 billion in 2025, up from one billion in 2024, representing a 25% year-over-year increase. This expansion is part of a longer trend. NFT supply grew from 38 million in 2021 to over 106 million in 2022, then surged past 550 million in 2023, before nearly doubling again in 2024. Overall, supply has increased by more than 3,400% in four years.
While supply surged, total NFT sales fell to about $5.63 billion in 2025, down 37% from $8.9 billion in 2024. Average sale prices also slipped to $96, compared with $124 last year, and remain far below the over $400 averages seen during the 2021–2022 peak.
Market capitalization continued its downward trend, sliding from a 2022 peak near $17 billion to roughly $2.4 billion by the end of 2025. The data underscores a market adjusting to oversupply, thinner liquidity, and intensified competition for buyers.
With more NFTs, fewer dollars, and lower prices, the NFT market in 2025 reflects a structural shift toward volume-driven activity rather than speculative valuation.
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.