NFT market cap slides back to 2021 pre-hype levels, near $1.5B

NFT minting expanded in 2025 even as sales fell sharply, leaving more tokens chasing fewer buyers.

The global non-fungible token (NFT) sector fell below $1.5 billion in total market capitalization, returning to levels last seen before the sector’s rapid expansion in 2021. 

The retracement unfolded alongside a broader crypto market downturn over the past two weeks, CoinGecko data shows. On Jan. 23, total crypto market capitalization stood at about $3.1 trillion, before falling to $2.2 trillion on Friday.

Major assets like Bitcoin (BTC) slid from around $89,000 to about $65,000, while Ether (ETH) fell from $3,000 to near $1,800 throughout the same time frame. Bitcoin and Ethereum are the top two networks for NFTs in terms of 30-day trading volume, according NFT data aggregator CryptoSlam.

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