In 2021, a non-fungible token (NFT) created by digital artist Beeple fetched an astonishing $69.3 million at a Christie’s auction. About a year later, blockchain entrepreneur Deepak Thapliyal acquired a CryptoPunk NFT for $23.7 million, marking one of the highest sales for digital art.
Those were the peak times for NFTs, during which digital collectibles consistently fetched eight-figure sums and mainstream entities hurried to validate the market.
By 2025, the landscape had shifted, with NFT trading volumes significantly reduced from their 2021 highs. Buyers began prioritizing utility, community, and long-term significance over sensational price tags.
The NFT market in 2025
The NFT market started 2025 facing challenges, with first-quarter sales plummeting 63% year-over-year to $1.5 billion, down from $4.1 billion in the same timeframe of 2024. This decline accelerated in March, as monthly sales fell 76% to $373 million compared to $1.6 billion a year prior.
In November, NFT sales hit the year’s lowest monthly figure, with digital collectibles losing over 66% in market capitalization from their January peaks. CryptoSlam data indicates that monthly sales dipped to $320 million, roughly half of October’s $629 million.
Nevertheless, a select few collections still drew buyers. Pudgy Penguins achieved $72 million in Q1 sales, a 13% rise year-over-year, possibly backed by a market shift from Web3 to a physical toy brand.
Established blue-chip collections have also shifted focus toward cultural relevance rather than just price trends. In May, Yuga Labs transferred the intellectual property rights of CryptoPunks to the nonprofit Infinite Node Foundation, aiming to secure long-term cultural stewardship for one of the original NFT projects.
The floor price for CryptoPunks now sits at 26.99 ETH, approximately 78% lower than its August 2021 peak of 125 ETH, though it remains the leading profile picture (PFP) NFT collection.
Currently, CoinGecko data shows that the total NFT market cap has fallen to around $2.56 billion. At the NFT boom’s height in April 2022, the market cap reached about $16.8 billion.
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NFTs shift from speculation to real-world use
While enthusiasm for profile picture (PFP) NFTs has diminished across the crypto landscape, those linked to tangible use cases are gaining traction.
Marketplaces like OpenSea have expanded their scope to become universal on-chain trading platforms, while fresh developments in the sector are increasingly focused on NFTs associated with tickets and physical products.
International sports organizations are experimenting with NFTs for event access, including FIFA, which is incorporating blockchain-based “Right to Buy” tokens into its ticketing system for the 2026 World Cup.
These NFTs provide holders with priority access to purchase tickets at face value but do not guarantee entry, serving as a tool to curb price gouging in secondary markets. According to FIFA Collect data, reservation NFTs for matches featuring teams like Argentina, Spain, France, England, and Brazil were priced at $999 and sold out.
An additional NFT sector thriving in 2025 is real-world collectible-backed NFTs, especially trading cards. Platforms such as Courtyard.io are gaining traction by linking Pokémon cards to on-chain tokens.
Courtyard securely stores authenticated cards in vaults, enabling users to trade them as NFTs, and offers mystery packs that can be redeemed or resold, merging blockchain verification with traditional collecting experiences.
Over the past month, the platform has handled more than 230,000 transactions, generating around $12.7 million in sales, according to CryptoSlam data.
Nicolas le Jeune, CEO of Courtyard, shared with Cointelegraph that the company’s approach represents a wider transformation in NFT utilization, viewing blockchain infrastructure as a means rather than the end product itself. He remarked:
“We use Web3 as a tool, not a destination. The value we provide isn’t in having something on the blockchain — it’s the experience and the underlying asset.”
He pointed out that mere tokenization doesn’t inherently create value, stating, “The cards you buy on Courtyard aren’t worth more because they’re NFTs. The value lies in the underlying asset — the NFT merely enhances the experience.”
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