According to CoinGecko data, the global NFT market capitalization crashed by approximately 46% over a 30-day period, falling from $6.6 billion on October 5 to $3.5 billion by early November 2025. This sharp decline occurred despite a 13% increase in trading activity in October, with sales count rising to $631 million from September's $556 million, as reported by CryptoSlam.
Major blockchain networks experienced significant downturns: Ethereum (ETH) NFT sales volume declined by 25.5%, Solana (SOL) by 31-35%, BNB Chain (BNB) by 82%, and Polygon (MATIC) by 86%. In contrast, Bitcoin-based Ordinals showed resilience with a 9% increase, and Base NFTs rose by 24%, indicating pockets of strength amid the broader slump.
Blue-chip NFT collections were heavily impacted, with CryptoPunks floor price dropping from $214,000 to $117,000 and Moonbirds from $14,700 to $6,500. Even collections like Bored Ape Yacht Club (BAYC) and Pudgy Penguins saw volume increases but massive floor price declines, underscoring the speculative and sentiment-driven nature of NFT liquidity.
Analysts note that this reset may reduce inflated valuations and foster utility-driven NFT models in gaming, ticketing, and Web3 loyalty programs. Market participants expect increased experimentation with real-world assets (RWA) and brand integrations in Q1 2026. Meanwhile, marketplaces like OpenSea and Magic Eden are rolling out updates focused on interoperability and royalties to rebuild trust after prolonged volatility.
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