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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 is provided for informational purposes only and does not constitute investment advice, investment research, or a recommendation to trade. The views expressed are those of the author and do not necessarily reflect the position of Markets.com. 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 may not be suitable for all investors. Leveraged products can result in capital loss. Past performance is not indicative of future results. Before trading, ensure you fully understand the risks involved and consider your investment objectives and level of experience. Cryptocurrency CFD trading restrictions may apply depending on jurisdiction.
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