NFT Market Faces Major Downturn Amidst Broader Crypto Selloff
Mar 3
2 min read
The NFT market has recently experienced a significant decline, with total sales volume dropping to $107.1 million, a 28.9% decrease from the previous week. This downturn coincides with a broader selloff in the cryptocurrency market, where major players like Bitcoin and Ethereum have also seen substantial losses.
Key Takeaways
NFT sales volume fell to $107.1 million from $152.9 million.
The number of NFT buyers increased by 36.02% to 456,874.
Ethereum sales plummeted by 67.86% to $25.3 million.
Pudgy Penguins, once a market leader, saw sales drop by 80.69%.
Overview Of The Current Market
The NFT market has been under pressure, reflecting a broader trend in the cryptocurrency space. As Bitcoin fell to $85,000 and Ethereum to $2,200, NFT sales have also taken a hit. According to data from CryptoSlam, the total sales volume for NFTs has decreased significantly, indicating a challenging environment for traders.
Sales Metrics Breakdown
Total NFT Sales Volume: $107.1 million (down from $152.9 million)
Number of NFT Buyers: 456,874 (up 36.02%)
Number of NFT Sellers: 314,871 (up 32.81%)
Total NFT Transactions: 1,566,183 (up 0.86%)
Ethereum's Decline
Ethereum, a major player in the NFT space, has seen its sales drop dramatically. The sales volume for Ethereum-based NFTs fell by 67.86% to $25.3 million, despite a 20.27% increase in the number of buyers. This suggests that while more people are entering the market, the overall value of transactions is declining.
Top Collections and Their Performance
Several notable collections have also experienced significant changes in sales:
Courtyard: $12.1 million in sales (up 39.55%)
Ordinal Maxi Biz (OMB): $12.0 million (up 450.88%)
DMarket: $9.5 million (down 6.30%)
f(x) wstETH position: $6.1 million (up 173.91%)
Guild of Guardians Heroes: $3.1 million (up 7.38%)
Pudgy Penguins, which was once a leading collection, has seen a staggering 80.69% drop in sales, falling to tenth place with only $1.6 million in sales.
Market Cap and Historical Context
The NFT market cap has plummeted by over 90% since its peak in 2021, when it reached over $20 billion. As of February 25, 2025, the market cap stands at approximately $1.2 billion. This decline raises questions about the future viability of NFTs and the potential for recovery in the market.
Conclusion
The current state of the NFT market reflects a broader trend of declining interest and investment in digital assets. While there are signs of increased participation among buyers, the overall sales volume and market cap suggest a challenging environment ahead. Traders and investors should remain cautious and consider the historical performance of NFTs before making decisions in this volatile market.
Sources
NFT sales plummet 28.9% to $107m, Pudgy Penguins sales drop 80%, Crypto News.
NFT Market Cap and Sales Volume Drop Over 90% Since 2021 | Flash News Detail | Blockchain.News, Blockchain News.