Unexpected Revival of NFT Trading: Price and Volume Rise Together in Early 2026

Entering 2026, the NFT market once declared “dead” has suddenly begun to ripple again. According to CoinGecko data, the total market capitalization of NFTs increased by over $220 million in the past week. This is undoubtedly a long-awaited surprise for participants who have been in a downturn for several years. This rebound in the NFT trading sector has led many to reevaluate this once-starred track.

But does this rebound truly mean a recovery? To understand the current state of NFT trading, we must first see through the truth behind the data.

Trading Data Rebounds, but Liquidity Crisis Remains

According to NFT Price Floor monitoring, hundreds of projects have seen price recoveries in the past week, with some projects experiencing triple-digit gains. Compared to the bottoming out at the end of 2025, this rebound is enough to bring some comfort to investors who have held on.

However, peeling back this layer of prosperity reveals that the reality is far less optimistic than the data suggests. The current NFT trading market is more about the self-play of existing capital within a very small range, rather than genuine inflows of new funds.

From a trading perspective, out of over 1,700 NFT projects, only 6 have weekly trading volumes reaching the million-dollar level, 14 at the several hundred thousand dollars level, and only 72 at the tens of thousands of dollars range. What does this mean? It indicates that the liquidity in the entire market has dried up to a shocking extent.

Even the more active top projects’ actual trading volumes only account for a single-digit percentage of their total supply. Many NFTs have long been neglected, becoming dormant digital assets. The Block’s 2025 data report also confirmed this: the total trading volume of the NFT market for the year was only $5.5 billion, down 37% from $8.7 billion in 2024; the total market cap shrank from about $9 billion to $2.4 billion, a decline of 73%.

Behind these figures lies a brutal reality: NFT trading has shifted from a hot spot pursued by everyone to a trap for old investors. New funds have voted with their feet and moved to other tracks.

Capital Flight: From Virtual to Real Investment Shifts

In the face of market downturns, infrastructure and blue-chip projects are all staging their own survival stories.

Once the leader in NFT trading, OpenSea, no longer focuses on trading JPEG images but has shifted to token trading, using airdrops to incentivize users. Mainstream NFT chains like Flow have chosen to transform, exploring DeFi for growth opportunities. Zora has completely abandoned traditional NFT models and turned to a new track of “content as tokens.” Even iconic NFT events like Paris have been discontinued due to funding shortages.

This mass exodus continues. Reddit has stopped NFT services, Nike sold its RTFKT studio, and Web2 giants’ decisive exits have shattered the last illusions about mainstream applications.

It is worth noting that the decline in the NFT trading market does not mean the disappearance of collecting and speculative demand; rather, funds are choosing new battlegrounds. In traditional markets, Pokémon TCG cards have trading volumes exceeding $1 billion, indicating that investor enthusiasm has not faded but shifted toward more tangible assets.

Even the crypto elite are voting with their feet. Artist Beeple shifted his creative focus to physical robots, with celebrity-themed robot dogs once sold out; Wintermute co-founder Yoann Turpin spent $5 million on dinosaur fossils; Animoca Brands founder Yat Siu invested $9 million to acquire Stradivari violins. These actions show that, in the current macro environment, physical assets are gaining more recognition.

Reshaping the NFT Trading Landscape: Which Projects Are Still Worth Buying

Although the overall environment is challenging, the NFT trading market is not completely frozen; funds are still seeking opportunities. By observing these capital flows, several clear investment logic patterns are emerging.

Speculation and Arbitrage Opportunities

Some participants believe the market has bottomed out and are engaging in short-term trading by capturing price mismatches. These trades have relatively high risk-reward ratios, attracting risk-tolerant investors.

“Golden Shovel” Projects

These are the most actively participated and highly liquid projects in current NFT trading. Their essence is no longer traditional collectibles but financial certificates for obtaining future airdrops, with holders gaining access to airdrops or whitelist privileges. However, these projects carry fatal risks: once the snapshot is completed or the airdrop is distributed, if the project team fails to assign new value to the NFTs, the floor price can plummet rapidly or even drop to zero. Therefore, they are more suitable as short-term trading tools rather than long-term assets.

Celebrity and Top Project Endorsements

The value of these projects is driven by attention economics. When well-known figures or top projects endorse them, their visibility and trading liquidity can be greatly enhanced. For example, after the Ethereum founder Vitalik Buterin changed his avatar to a Milady NFT, the project’s floor price rose significantly. Similarly, Hypurr NFT series airdropped to early users continued to rise after HyperLiquid’s promotion.

Top IP Collectibles

These NFTs have moved beyond mere hype; investors value cultural recognition and long-term collection potential. CryptoPunks, for instance, have been included in the permanent collection of the Museum of Modern Art (MoMA) in New York, confirming their cultural significance. Such projects tend to be more resistant to price drops and have long-term value storage functions.

Acquisitions and Capital Operations

When well-known capital entities acquire projects, the market re-prices them. Investors expect their IP monetization capabilities and brand moat to be strengthened. After acquisitions, Pudgy Penguins and Moonbirds both experienced noticeable price increases.

On-Chain Real Assets

Tokenizing real-world assets provides clear tangible value support for NFT trading. Platforms like Collector Crypt and Courtyard allow users to trade ownership of cards and physical items on-chain, with physical assets stored by the platform, greatly reducing risks and increasing mainstream appeal.

Functional Applications

NFTs are returning to their tool-like attributes, applied in specific scenarios. Whether as ticketing systems, DAO voting rights tokens, or AI on-chain identities under the Ethereum ERC-8004 standard, these applications give NFTs tangible utility.

From “Small Pictures” to “Practical Assets”: The New Logic of NFT Trading

The deepest insight from this market adjustment is that NFT trading has bid farewell to the era of purely chasing virtual images. Projects without practical use or value support have been ruthlessly abandoned by the market.

Currently, NFTs that attract capital either have clear speculative mechanisms (such as airdrop certificates), strong endorsements (celebrities, brands, capital), links to physical assets, or provide practical application scenarios. These features point to a new paradigm of NFT trading: value must have some form of support.

For ordinary investors, recognizing the liquidity crisis in the NFT market is the first step. But for those who choose to hold on, this may be an opportunity to reassess and reconfigure. The future of NFT trading will ultimately return to its core value.