xAnalysts suggest the market is entering a more mature and sustainable phase

NFT sales totalled $2.82 billion globally in the first half of 2025, according to CryptoSlam data, even as trading volumes continued to decline. The figures mark a modest 4.6 per cent drop from the $2.96 billion recorded in the second half of 2024. Despite the dip, industry experts say the lower volumes signal a healthier market driven by real use cases and growing accessibility.

Strong start but slower second quarter

The market experienced a robust start to the year, with $1.59 billion in sales during the first quarter alone. January emerged as the top-performing month, generating $679 million. However, sales cooled in the second quarter, falling to $1.24 billion. June, in particular, saw a sharp decline to $388 million, reflecting a broader slowdown across the digital assets space.

CryptoSlam’s data, which includes both primary and secondary NFT sales across various blockchains, suggests that market activity remained steady despite fluctuating sales volumes. The number of monthly transactions ranged from 4 million to 6 million, and average sale values hovered between $80 and $100.

DappRadar reports continued decline in trading volumes

Data from DappRadar paints a similar picture, with NFT trading volumes continuing a downward trend seen throughout 2024. In the second quarter of 2025, total trading volume dropped to $823 million, a steep 45 per cent decline from the previous quarter’s $1.5 billion.

However, sales counts showed an unexpected spike. Q2 2025 recorded 12.5 million NFT sales, up 78 per cent from the prior quarter. This is the first increase in four quarters, suggesting that while individual NFTs may be selling for less, interest in the space remains alive. DappRadar defines trading volume as the total value of NFT transactions on decentralised platforms, while sales counts refer to the number of individual NFT transactions.

Affordability and multichain growth drive resilience

According to Aubrey Terrazas, vice president of marketing at NFT platform Rarible, the reduced volumes and increased activity point to a market moving past the speculative bubble.

“We are moving beyond pure speculation into utility-driven and community-focused projects,” Terrazas said. “Prices have stabilised, but innovation and engagement are still strong.”

She added that growing affordability, supported by multichain development and the rise of new ecosystems, is broadening access to digital assets. “We are entering a more mature phase of the NFT market,” she noted. “Demand is steady, and NFTs are now powering real strategies for building loyal communities and unlocking revenue.”

Snoop Dogg NFTs highlight continued buzz

While mainstream interest may have softened, some high-profile launches continue to generate strong attention. On Wednesday, American rapper Snoop Dogg sold nearly a million on Telegram in just 30 minutes. The collection of 996,000 digital gifts on the TON blockchain brought in $12 million in sales, according to Telegram founder Pavel Durov.

TON’s NFT lead, known as Zenith on X, said the rapid sell-out signals a potential new wave in the NFT narrative. With established artists and creators leveraging new platforms, the digital collectibles space may be poised for its next chapter.

Conclusion

Though trading volumes have dipped, the NFT sector appears to be evolving rather than fading. With a stronger focus on utility, affordability, and community, experts believe the market is progressing towards long-term stability. High-profile successes like Snoop Dogg’s Telegram launch further prove that the demand for digital assets, while different from the past, is still very much alive.