A sharp slowdown in buying pushed the NFT market back toward its weakest levels of the year, as weekly and monthly totals fell sharply and overall valuations continued to slip. Related Reading: All-In On XRP: Why This Leading Investor Sold His Entire Bitcoin Stack According to market trackers, trading activity cooled significantly in November and the first week of December, raising fresh questions about demand heading into year end. Sales And Volume Plunge NFT sales fell to $320 million in November, down from close to $630 million in October, CryptoSlam data shows. That level is roughly on par with the $312 million recorded in September 2024. Based on reports, the trend did not improve at the start of December: from Dec. 1–7, collections generated about $62 million in sales — the weakest weekly total recorded so far in 2025. Market participants are being hit by lower turnover and fewer big trades. Market Cap Shrinks Dramatically CoinGecko data shows the sector’s market cap sits at $3.1 billion, which is down 66% from a January high of $9.2 billion. Reports have disclosed a steep month-to-month swing as well: values dropped from $6.6 billion in October to $3.5 billion in November, a fall of 46% in roughly 30 days. There was a brief uptick on Nov. 11 when market cap moved from $3.5 billion to nearly $4 billion during a memecoin-driven surge, but the recovery was short-lived and the market cap later retreated back to $3.1 billion. These moves show that prices are still volatile and driven by bursts of speculative interest. Blue Chips Mostly Lose Ground Top collections were not immune. Based on reports, CryptoPunks fell about 12% over the past month. Bored Ape Yacht Club slid 8.5%, while Pudgy Penguins dropped 10.6% in the same period. Art-focused blue-chip works also fell: Chromie Squiggle lost 5.6%, Fidenza declined 14.6%, Moonbirds went down 17.9% and Mutant Ape Yacht Club slipped 13.4%. The biggest fall among major names came from Hypurr, which dropped 48%. Two Collections Show Gains Not every project followed the downward path. Infinex Patrons posted almost 15% rise in the last 30 days, and Autoglyphs outperformed the top ten with a 21% gain. These outliers were lifted by collector interest, and in some cases by the projects’ small supply or unique on-chain history. Still, such gains remain the exception rather than the rule. Related Reading: Institutions Scoop Up 9,000 Ether, Fueling Bullish Signals Outlook As Year Ends The weak start to December suggests the pullback could continue into the close of the year. Liquidity is thinner now, and short-lived rallies driven by other crypto market events have failed to create lasting momentum. Prices were pushed down across a wide set of collections, and trading volumes have not shown a sustained recovery. Featured image from Unsplash, chart from TradingView
The surge in interest in the series was likely caused by GameSquare issuing $5.15 million in preferred shares to purchase Punk #5577.
The overall capitalization of non-fungible tokens has jumped 66% to $6 billion in the past 30 days with CryptoPunks' market share growing past 30%.
The Frisco, Texas-based firm also added to its ether treasury, buying 2,742.75 ETH, worth just over $10 million
The NFT market appears to be benefiting from the broader bullish sentiment in the crypto sector, analysts said.
This is the second time this month that Yuga Labs has sold what was once considered prime web3 intellectual property.
The trader faces a maximum penalty of six years in prison, though his guilty plea will likely reduce his sentence.
The NFT sold for 4,000 ETH after last selling for 4,500 ETH last March, which at the time was worth $16 million.
A DAO proposal to transfer CryptoPunks IP to the community gains attention amid growing discontent over Yuga Labs’ rumored plans.
Yuga Labs hasn’t confirmed or denied rumors that it is selling the IP rights to CryptoPunks, the world’s most valuable NFT collection.
Pudgy Penguins recorded $25 million in sales, while CryptoPunks had a weekly volume of $16.5 million.
Punk 1563 changed hands for 24,000 ETH, a huge markup versus recent pricing.
The Framework Ventures-backed platform has surpassed $150 million in TVL, despite a wider downtrend in the NFT market.
A community member said that Yuga Labs killed CryptoPunks with the new Super Punk World collection, while another threatened to sell their punk NFT.
CoinGecko cited Magic Eden’s new Diamond reward program and its ongoing commitment to support creator royalties as the main catalysts.
The Bored Ape Yacht Club collection’s floor price is currently at 11.1 ETH, down 90% from its peak during the roaring NFT bull market.
CryptoPunk #7804 sold for 4,850 ETH, worth about $16.4 million, taking the record for the second-largest CryptoPunk NFT sale.