Recently, looking at the data from the NFT market, to be honest, it's a bit heartbreaking. As of 2025, the total market capitalization of this sector has dropped to $2.5 billion, down 72% since the beginning of the year, hitting a recent low. Those once-glamorous blue-chip projects are even worse off—it's almost unbearable.

CryptoPunks gives an intuitive sense: the cheapest now costs 42.59 ETH to acquire, but looking back to 2021, the highest sale was over 8,000 ETH, roughly $23.7 million at the time. That’s a decline of over 99%. BAYC (Bored Ape Yacht Club) is similar, dropping from over 100 ETH at its peak to just 4.63 ETH now, with a similarly staggering decline. The market is indeed very cold.

Interestingly, it seems that funds are shifting. Physical collectibles like LaBrub and Pokémon cards are gaining popularity, while virtual collectibles are becoming less attractive. Data confirms this—during the first three weeks of December 2025, weekly NFT sales did not exceed $70 million, transaction counts dropped to 800,000, and the number of buyers and sellers shrank significantly. Participation has clearly diminished, and there are no signs of recovery in the short term.

However, some people still remain optimistic, believing that NFTs, as a technological tool for digital asset rights confirmation, still hold long-term value. Of course, at this stage, blockchain applications themselves are also undergoing adjustments; the hype has cooled down, but their essential functions may still be there.