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Home NFT

NFT industry braces for impact as activity slows, marketplaces collapse

April 7, 2025
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NFT industry braces for impact as activity slows, marketplaces collapse
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As the crypto market prepares for turbulence amid the tariff wars, the NFT market seems to be in a worse position.

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Trading volumes are declining and marketplaces shutting down.

The once-hyped world of non-fungible tokens, which analysts once boldly projected could balloon to over $264 billion by 2032, now seems to be limping along. Weekly trading volumes have been falling like dominoes for weeks, scaring off capital and dragging the market back to levels not seen since its explosive 2020 debut.

House of Cards: NFT industry braces for impact as activity slows, marketplaces collapse - 1

Art NFTs yearly trading volume and sales count | Source: DappRadar

Blockchain analytics firm DappRadar shows that trading volumes in 2021 were riding high, hitting nearly $3 billion.

Fast-forward to the first quarter of 2025. That figure has nosedived 93% to just $23.8 million as “active traders have vanished,” blockchain analyst Sara Gherghelas noted.

“This rapid growth coincided with global shifts driven by the COVID-19 pandemic, accelerating the adoption of digital platforms and pushing artists to explore innovative methods of engaging with their audiences. However, three years later, the hype around Art NFTs has significantly decreased.”

Sara Gherghelas

The data backs her up. In 2024, trading volume dropped nearly 20% from the year prior, while total sales declined 18%. As Gherghelas put it in her 2025 research, it was “one of the worst-performing years since 2020.”

Still speculative assets

In an interview with crypto.news, OutsetPR’s legal officer Alice Frei implied that regulation is still a mess as “governments are still undecided on how to classify NFTs.”

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In the U.S., they’re often treated like securities, meaning platforms must walk a legal tightrope. In the U.K., they’re seen more like collectibles under intellectual property law.

“These are examples of leading countries with clear cryptocurrency regulations; in many other countries, the situation is even more uncertain. This lack of regulatory clarity creates an environment that is ripe for fraud and erodes investor confidence. Until there is more consistency, NFT adoption will remain stagnant.”

Alice Frei

Frei also highlighted a deeper issue: beyond the worlds of cryptocurrency and gaming, NFTs are still “trying to prove that they offer real value.”

“In theory, they could revolutionize several industries — think concert tickets that prevent scalping, digital IDs for online verification, or property deeds stored on the blockchain. But in practice, most NFTs are still largely speculative assets.”

Alice Frei

Speaking of gaming, where NFTs have the most potential for mainstream use, their adoption is also struggling, Frei pointed out, recalling that Ubisoft’s Project Quartz, an attempt to integrate NFTs into AAA games, was met with “resistance from players, forcing the company to shut it down.”

Frei notes that gamers are “hesitant about digital assets that feel more like currency than a genuine addition to their experience.”

You might also like: What is an NFT? A complete guide to non-fungible tokens

Revolving door

If the data wasn’t already bleak, March brought more bad news: a string of marketplace shutdowns added fuel to the fire. Among them, South Korean tech giant LG shut down its LG Art Lab, which was launched just three years ago at the height of the NFT mania. The company didn’t share detailed reasons, only saying that “it is the right time to shift our focus and explore new opportunities.”

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Just a week later, X2Y2 — a former OpenSea rival that once boasted $5.6 billion in lifetime volume — also ceased its operations, citing a “90% shrinkage of NFT trading volume from its peak in 2021” and struggles to remain competitive in the space.

Then came Bybit. The crypto exchange, still reeling from a $1.46 billion theft linked to North Korea-affiliated hackers, quietly closed its platform.

Emily Bao, head of web3 at Bybit, said the decision would allow the company to “enhance the overall user experience while concentrating on the next generation of blockchain-powered solutions.”

Amid the wave of closures, Frei says the NFT market now “feels like a revolving door.”

“Take Bored Ape Yacht Club, for example – once the pinnacle of NFT status, its prices have dramatically dropped. At the peak, a single Bored Ape sold for $400,000, but now some are barely fetching $50,000. The problem lies in the fact that many NFT projects rely on hype rather than actual utility. If people cannot see long-term value, they are unlikely to return.”

Alice Frei

Last hope

Coinbase, too, seems to be pulling back. While it hasn’t officially shut down its NFT platform, all signs suggest it’s shifting focus. During an earnings call in early 2023, President and COO Emilie Choi indicated that the company sees “medium and long-term opportunities” in NFTs. But its real focus seems to be behind Base, its layer-2 blockchain network.

Coinbase declined to comment on its position as NFT activity continues to decline, despite multiple requests from crypto.news.

The OutsetPR legal officer thinks that with the market’s current trajectory, smaller platforms are unlikely to weather the storm. “Smaller platforms will continue to shut down, leaving only a few dominant players like OpenSea and Blur,” she said.

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She explained that the shift is being driven by two major forces. First, tighter regulations are on the horizon, which will likely bring an end to the “Wild West days of NFTs.” Second, the gaming sector may offer NFTs a lifeline—but it’s still a narrow one. As Frei puts it, gaming may be NFTs’ “last hope,” though developers will still need to avoid “pay-to-win mechanics that could turn players away.”

“The hype is over. If NFTs are to survive, they will need to prove that they offer more than just expensive pictures on the blockchain,” Frei concluded.

Read more: NFT sales slip 5.3% to $100.9m, Bitcoin NFT sales drop 30%

Tags: ActivityBracesCollapseimpactindustryMarketplacesNFTslows

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Comments 7

  1. AadrilaanNem says:
    2 months ago

    Машина заехала за Желдыбиным и, первым долгом, вместе со следствием, отвезла его (около полуночи это было) на квартиру убитого, где было произведено опечатание его бумаг, а затем уж все поехали в морг. ближайший нотариус метро Незнакомец немедленно вытащил из кармана портсигар и предложил его Бездомному: – «Наша марка». Нотариус Тимофеева Юлия Михайловна Сколько Иван ни прибавлял шагу, расстояние между преследуемыми и им ничуть не сокращалось. Нотариус Юго-восточная Берлиоз говорил, а сам в это время думал: «Но, все-таки, кто же он такой? И почему он так хорошо говорит по-русски?» – Взять бы этого Канта, да за такие доказательства года на три в Соловки! – совершенно неожиданно бухнул Иван Николаевич.

    Reply
  2. AvdriralnNem says:
    2 months ago

    Мы все это прекрасно понимаем. 6s8371 Но тут флибустьер сжалился над ним и погасил свой острый взор. 4u1541 Но сейчас ему было не до того, а кроме того, как ни мало был наблюдателен Рюхин, – теперь, после пытки в грузовике, он впервые остро вгляделся в лицо пирата и понял, что тот хоть и задает вопросы о Бездомном и даже восклицает «ай-яй-яй!», но, по сути дела, совершенно равнодушен к судьбе Бездомного и ничуть его не жалеет. 7w2414 Под левым глазом у человека был большой синяк, в углу рта – ссадина с запекшейся кровью. 5i8749 Прокуратору казалось, что розовый запах источают кипарисы и пальмы в саду, что к запаху кожаного снаряжения и пота от конвоя примешивается проклятая розовая струя.

    Reply
  3. AvdrihalnNem says:
    2 months ago

    – Помилуйте, – снисходительно усмехнувшись, отозвался профессор, – уж кто-кто, а вы-то должны знать, что ровно ничего из того, что написано в Евангелиях, не происходило на самом деле никогда, и если мы начнем ссылаться на Евангелия как на исторический источник… – Он еще раз усмехнулся, и Берлиоз осекся, потому что буквально то же самое он говорил Бездомному, идя с тем по Бронной к Патриаршим прудам. раскрутить сайт самому Радость загорелась в маленьких глазках Штурмана Жоржа, и она сказала, смягчая свое контральто: – Не надо, товарищи, завидовать. накрутка поведенческих факторов купить – Вульф? – жалостно выкрикнула какая-то женщина.

    Reply
  4. AldrijawnNem says:
    2 months ago

    Абрикосовая дала обильную желтую пену, и в воздухе запахло парикмахерской. бюро переводов москва Он пригласил меня к себе в дом в Нижнем Городе и угостил… – Добрый человек? – спросил Пилат, и дьявольский огонь сверкнул в его глазах. нотариальный перевод заверение москва Тогда Иван твердо сказал самому себе: – Ну конечно, он на Москве-реке! Вперед! Следовало бы, пожалуй, спросить Ивана Николаевича, почему он полагает, что профессор именно на Москве-реке, а не где-нибудь в другом месте. заверение перевода паспорта Про сумасшедшего немца он, конечно, забыл и старался понять только одно, как это может быть, что вот только что он говорил с Берлиозом, а через минуту – голова… Взволнованные люди пробегали мимо поэта по аллее, что-то восклицая, но Иван Николаевич их слов не воспринимал. справка о несудимости с апостилем – И свита эта требует места, – продолжал Воланд, – так что кое-кто из нас здесь лишний в квартире. легализации консульский департамент мид В мгновение ока Иван и сам оказался там.

    Reply
  5. AadrilawnNem says:
    2 months ago

    – Три тысячи сто одиннадцать человек, – вставил кто-то из угла. ремонт окон москва В самом деле, не пропадать же куриным котлетам де-воляй? Чем мы поможем Михаилу Александровичу? Тем, что голодные останемся? Да ведь мы-то живы! Натурально, рояль закрыли на ключ, джаз разошелся, несколько журналистов уехали в свои редакции писать некрологи. переделка окна из поворотного в поворотно откидное Необходимо добавить, что на поэта иностранец с первых же слов произвел отвратительное впечатление, а Берлиозу скорее понравился, то есть не то чтобы понравился, а… как бы выразиться… заинтересовал, что ли. москитные сетки на окна – Как? А… где же вы будете жить? – В вашей квартире, – вдруг развязно ответил сумасшедший и подмигнул. замена уплотнителя на окнах А впрочем, черт его знает, может быть, и читал, не важно это! А важно то, что в настоящее время владел этим домом тот самый МАССОЛИТ, во главе которого стоял несчастный Михаил Александрович Берлиоз до своего появления на Патриарших прудах.

    Reply
  6. AddriearnNem says:
    2 months ago

    Ну владела или не владела – мы точно не знаем. микрокредит онлайн – Один в пяти комнатах в Перелыгине, – вслед ему сказал Глухарев. Джет Мани Иван ахнул, глянул вдаль и увидел ненавистного неизвестного. Турбозайм Га-Ноцри уходил навсегда, и страшные, злые боли прокуратора некому излечить; от них нет средства, кроме смерти. Pay PS Он хрипел, пытался кусаться, кричал: – Так вот вы какие стеклышки у себя завели!. Смс Финанс Но, выйдя из-под колоннады на заливаемую солнцем верхнюю площадь сада с пальмами на чудовищных слоновых ногах, площадь, с которой перед прокуратором развернулся весь ненавистный ему Ершалаим с висячими мостами, крепостями и – самое главное – с не поддающейся никакому описанию глыбой мрамора с золотою драконовой чешуею вместо крыши – храмом Ершалаимским, – острым слухом уловил прокуратор далеко и внизу, там, где каменная стена отделяла нижние террасы дворцового сада от городской площади, низкое ворчание, над которым взмывали по временам слабенькие, тонкие не то стоны, не то крики. Турбозайм Да, стихи… Ему – тридцать два года! В самом деле, что же дальше? – И дальше он будет сочинять по нескольку стихотворений в год.

    Reply
  7. AhdrieahnNem says:
    2 months ago

    Прокуратор понял, что там, на площади, уже собралась несметная толпа взволнованных последними беспорядками жителей Ершалаима, что эта толпа в нетерпении ожидает вынесения приговора и что в ней кричат беспокойные продавцы воды. нотариус метро проспект Вон отсюда сейчас же! – и махнула на Ивана мочалкой. Нотариус Авиамоторная С вас бы за указание на четверть литра… поправиться… бывшему регенту! – кривляясь, субъект наотмашь снял жокейский свой картузик. Нотариус Олефиренко Елена Викторовна – А вы разве знаете Хустова? – Вчера в кабинете у вас видел этого индивидуума мельком, но достаточно одного беглого взгляда на его лицо, чтобы понять, что он – сволочь, склочник, приспособленец и подхалим.

    Reply

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