The NFT sector closes 2025 with a stark contradiction. The total number of tokens on the network has reached an all-time high, while trading volumes have posted double-digit declines. On-chain data confirms the market’s shift from high-cost exclusivity to a mass market plagued by diluted liquidity.
According to CryptoSlam data, the number of NFTs in circulation climbed to 1.34 billion. This is 25% higher than 2024 levels, when supply stood at roughly 1 billion. The minting of new tokens accelerated even as buyer interest waned.
Sales volume in 2025 totaled $5.63 billion — down 37% from last year’s $8.9 billion. The average sale price also slumped, dropping from $124 to $96. For comparison, during the height of the 2021–2022 bull run, this figure held steady around $400.
Creators continue to churn out new collections, taking advantage of low network fees, but demand cannot keep pace with this volume. Liquidity is now spread thin across a massive number of tokens, devaluing individual assets.
Timeline of Saturation
Supply grew continuously as minting tools became more accessible across major blockchains. CryptoSlam data shows explosive growth:
- 2021: 38 million NFTs;
- 2022: 106 million NFTs;
- 2023: over 550 million NFTs;
- 2024: 1 billion NFTs.
Today, the figure has reached 1.34 billion — a 35-fold increase in just four years. The market simply could not absorb such supply: the sales peak passed back in 2022, and the trend has been downward ever since.
In December 2024, the market saw a brief rebound to $10.8 billion, but failed to hold its ground. In January 2025, capitalization stood at $9.2 billion before entering a freefall. By the end of 2025, the total market value had compressed to just $2.4 billion.
The combination of factors — excess supply, plummeting volumes, and lower average prices — has relegated NFTs to a high-turnover, low-margin asset class. In this environment, competition for investor capital has become fiercer than ever.
This post is for informational purposes only and does not constitute advertising or investment advice. Please do your own research before making any decisions.