Global NFT Market Value Drops Below $1.5 Billion

The global NFT market has seen its total market value fall below $1.5 billion, returning to levels seen before the industry's boom in 2021. According to PANews, this market adjustment is accompanied by an increasing imbalance between supply and demand for NFTs. Data indicates that by 2025, the number of NFTs in circulation is expected to grow by 25% to nearly 1.3 billion, while total sales are projected to decline by 37% to $5.6 billion, with the average price dropping below $100. This trend suggests that while the barriers to entry for issuing NFTs have decreased, buyer engagement and spending have not kept pace. The contraction in the industry is also evident in the withdrawal of several well-known companies and the shutdown of platforms.