- Art NFT trading volume has declined by over 90% between 2021 and Q1 2025
- According to a DappRadar report, the volume dropped from $2.9 billion in 2021 to $197 million in 2024
- In Q1 2025, the volume was a meager $23.8 million
Art NFT trading volume has declined by over 90% from a high of $2.9 billion in 2021 to a low of $197 million in 2024, according to a report by DappRadar. The volume dropped to $23.8 million in Q1 2025, with traders plummeting to 19,575 within the quarter from a high of over 500,000 in 2022. Bitcoin NFTs have, however, deviated from the trend to record an 896% surge in prices between 2023 and Q1 2025, indicating a growing interest in Bitcoin-based collectibles.
NFT Collections and Marketplaces Affected
According to the report, the most liked NFT collections and platforms from 2021 have recorded a significant decline in both sales and trading volume. Art Blocks and SuperRare, for example, have seen their trading volume drop by over 94%. SuperRare’s sales volume plummeted by 98% between 2021 and 2024.
NFT marketplaces like Foundation have also recorded a 99.8% dip in trading volume and a 100% loss of sales. Others like MakersPlace and KnownOrigin have shut down or are planning to wind down.
DappRadar disclosed that the drop in trading volume and sales is because “the market has now settled into a more realistic valuation.” It noted that the 2021 NFT hype was driven by “speculative buying,” with whales often pumping the prices.
Speculators “Have Moved On”
The report pointed out that “art NFTs are not dead,” adding that true web3 art collectors are still active but speculative collectors have exited the stage. Some art NFTs that made history for fetching the highest amount include Beeple’s “Everydays: The First 5000 Days,” “HUMAN ONE,” and “Crossroad” which sold for $69.3, $28.9, and $6.6 million, respectively.
XCOPY’s “Right-Click and Save As Guy” changed hands for $7.09 million while Art Blocks’ “Ringers #109” sold for $6.93 million.
With speculative NFT collectors leaving the market, it’s unlikely that NFT prices will return to their 2021 highs.
