NFT market slump deepens… November sales lowest this year

Reports say the non-fungible token (NFT) market is entering the end of the year with both sales volume and market capitalization falling, continuing the slump.

On the 9th (local time), according to crypto asset (cryptocurrency) specialist media Cointelegraph, last month's NFT sales were $320,000,000. This is about half of October's $629,000,000 and is the lowest monthly performance this year. It is the lowest since September 2024, and the market contraction is said to have resumed in earnest.

Weakness continues this month. Weekly sales for the 1st–7th were $62,000,000, the lowest so far this year. The market expects that recovery this month is also unlikely. The total NFT market capitalization has also shrunk rapidly. According to CoinGecko, the NFT market is currently $3,100,000,000, down about 66% from the January peak.

Most top collections also fell together. CryptoPunks fell 12% over the past 30 days, Bored Ape Yacht Club (BAYC) fell 8.5%, and Pudgy Penguins fell 10.6%.

Previously, the NFT market underwent a sharp adjustment, with market capitalization falling from $6,600,000,000 to $3,500,000,000 between October and November, a 46% decline. A temporary mid-November rebound recovered it to $3,900,000,000, but the trend did not last, and it has now fallen to $3,100,000,000, a 53% decrease compared to October. Market observers say there is a high possibility that an "NFT winter" will continue in the short term.