The non-fungible token (NFT) market expanded in total supply, but saw significantly lower sales in 2025 compared with previous years.
CryptoSlam data shows that the total number of NFTs in circulation climbed to more than 1.34 billion this year, marking a 25% increase from the one billion supply in 2024. The increased supply came in parallel with falling sales.
According to CryptoSlam data, NFT sales reached about $5.63 billion in 2025, down by about 37% from the $8.9 billion recorded last year. Average sale prices also declined year-on-year, slipping to $96 from $124.
The divergence highlights a market where supply growth outpaced demand. While creators continued minting new NFT pieces and platforms lowered entry barriers, buyer participation and spending failed to keep up, stretching liquidity across a much larger number of assets.
NFT sales, buyers, and sellers chart. Source: CryptoSlam
NFT supply expanded from 38 million to 1.3 billion in four years
The total number of NFTs minted and entered circulation grew steadily each year as minting tools became cheaper and easier to use across major blockchains.
CryptoSlam data shows that supply rose from 38 million NFTs in 2021 to over 106 million in 2022, before accelerating sharply in the following years as creators scaled up production. By 2023, total NFT supply had surpassed 550 million tokens before almost doubling in 2024 to 1 billion.
At the time of writing, the NFT supply stood at 1.34 billion tokens, representing a 35-fold increase, or about 3,400% growth, over the past four years.
While supply expanded quickly, the market’s ability to absorb new NFTs weakened. Total NFT sales peaked in 2022 and have trended lower since.
NFT sales volume from 2021 to 2025. Source: CryptoSlam
Pricing data reinforced the shift. Average NFT sales value dropped below $100 in 2025, down from $124 in 2024. It’s also far below the $400 averages seen during the 2021 and 2022 boom.
The combination of rising supply, lower total sales and shrinking ticket sizes suggests that NFTs are increasingly becoming a high-volume, low-price market where competition for buyer attention will be more intense.
Related: NFTs shifted to utility and culture as price faded in 2025
NFT market capitalization continued to compress after its 2022 peak
The NFT sector’s total capitalization has steadily declined since reaching a peak of about $17 billion in April 2022, reflecting the unwinding of speculative excess from the previous cycle.
Total NFT market cap chart. Source: CoinGecko
After a partial recovery to $10.8 billion in December 2024 and holding to about $9.2 billion in January 2025, market capitalization slid further throughout this year, closing 2025 at around $2.4 billion.
The downward trend highlights how lower prices and thinner liquidity persisted as overall NFT supply continued to expand.
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