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NFT Market Downturn Persists as Volumes Plunge to 2021 Lows
The digital collectibles market has taken a drastic turn for the worse, with trading volumes plummeting to levels last seen in 2021. The dire situation is a stark contrast to the boom experienced by other cryptocurrencies.
According to recent data from DappRadar, the NFT market has now recorded five consecutive quarters of declining volumes. The latest figures reveal that total volume fell to a dismal $823 million in Q2 2025, marking a massive drop from the staggering $4 billion recorded in the same period last year.
The once-thriving market has been plagued by a lack of new and innovative proposals offering value, utility, and genuine commercial appeal. The proliferation of meme collectibles and avatars has failed to reignite interest among investors, leading to a prolonged downturn.
A notable exception to this decline is Donald Trump, whose four NFT collections featuring his image sold out within hours. The billionaire’s influence in the market was demonstrated by hosting an exclusive dinner for buyers of his tokens last year. However, these isolated sales have been insufficient in reversing the overall trend of the industry.
The Bitwise Blue-Chip NFT Collections Index has shed 52% since January, further underscoring the precipitous decline of the digital collectibles market. Bitcoin and other cryptocurrencies have partially recovered from their lows, but the NFT sector remains mired in a deepening crisis.
As a result, the market is now faced with its lowest activity levels since the peak of the 2022 boom.
Source: crypto-economy.com
