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Wednesday Nov 5 2025 10:30
2 min
The non-fungible token (NFT) market is facing significant volatility, experiencing a 45% drop in total market capitalization over the past 30 days. This decline occurs despite an increase in trading volume, signaling a state of uncertainty in the market. We will analyze the key factors behind this downturn and its impact on major industry players.
According to CoinGecko data, the global NFT market capitalization plunged from approximately $6.6 billion on October 5th to $3.5 billion on Wednesday. Conversely, CryptoSlam data shows that NFTs recorded a sales count of around $631 million in October, a 13% increase from September’s $556 million.
Bitcoin and Base NFTs demonstrated resilience over the last 30 days, with increases of 9% and 24%, respectively. In contrast, BNB Chain and Polygon experienced the largest declines, at 82% and 86%, respectively. Ethereum, the largest network by NFT sales volume, saw a 25.5% decline in the last 30 days, while Solana, Immutable and Avalanche declined by 31% to 35%.
NFT Price Floor data indicated that the latest market correction hit even the most established NFT collections. In the last 30 days, CryptoPunks saw a 40% drop in trading volume, with its floor price decreasing from approximately $214,000 on October 5th to $117,000 on November 5th. Moonbirds saw a similar retracement, with volume declining by 63% and floor prices more than halving from $14,700 to $6,500 in the same time period.
While NFTs are cooling down, major industry players are recalibrating their strategies. In October, OpenSea, a digital collectible marketplace that has dominated the space in the last 30 days with over 522,000 traders, announced its expansion into a universal onchain trading hub. Meanwhile, Animoca Brands, another leader in the NFT space, confirmed its plans to list on Nasdaq, signaling how traditional capital markets are starting to acknowledge Web3 gaming and metaverse companies even as secondary NFT markets contract.
Risk Warning: this article represents only the author’s views and is for reference only. It does not constitute investment advice or financial guidance, nor does it represent the stance of the Markets.com platform.When considering shares, indices, forex (foreign exchange) and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss.Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice. Trading cryptocurrency CFDs and spread bets is restricted for all UK retail clients.
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