NFTs News: NFT Supply Surged to 1.3B in 2025 as Sales Fell 37%, Data Shows

NFT minting continued to accelerate in 2025 even as buyer spending declined, pushing the market deeper into a high-volume, low-price dynamic.The global non-fungible token (NFT) market expanded sharply in total supply this year, while sales volumes and average prices fell significantly from 2024 levels, according to data from CryptoSlam.Total NFT supply climbed to more than 1.34 billion tokens in circulation in 2025, up roughly 25% year-on-year from around one billion in 2024. The increase in minted assets occurred alongside a notable contraction in overall market activity.NFT sales drop despite rising mint activityNFT sales totaled approximately $5.63 billion in 2025, representing a 37% decline from the $8.9 billion recorded last year, CryptoSlam data shows. Average sale prices also weakened, falling to $96, down from $124 in 2024.The widening gap between supply and demand highlights a market under pressure, where creator output continues to grow but buyer participation and spending have failed to keep pace. Lower entry barriers, cheaper minting tools, and broader blockchain support have encouraged higher issuance, while liquidity has become increasingly fragmented across a larger number of assets.NFT supply expanded more than 35-fold in four yearsThe expansion in NFT supply has been consistent and steep over the past four years.CryptoSlam data shows that total NFTs in circulation rose from 38 million in 2021 to more than 106 million in 2022, before accelerating further as creators scaled production. By 2023, supply had surpassed 550 million tokens, nearly doubling again in 2024 to reach one billion.As of late 2025, NFT supply stands at 1.34 billion tokens, representing roughly 3,400% growth, or a 35-fold increase, since 2021.While minting activity expanded rapidly, the market’s capacity to absorb new NFTs weakened over the same period. Total sales peaked during the 2021–2022 cycle and have trended lower since.Prices and liquidity continue to compressPricing data reinforces the shift in market structure. Average NFT sale values fell below $100 in 2025, well under the $124 average in 2024 and far below the $400-plus averages seen during the peak years of 2021 and 2022.Market capitalization also deteriorated throughout the year. After a partial recovery to $10.8 billion in December 2024 and holding near $9.2 billion in January 2025, total NFT market capitalization slid steadily, ending 2025 at approximately $2.4 billion.The continued decline underscores how thinner liquidity and falling prices have persisted even as overall supply continued to rise.NFTs shift toward a high-volume, low-price modelThe combination of rising supply, falling total sales, and shrinking average ticket sizes suggests that NFTs are increasingly evolving into a high-volume, low-price market, where competition for buyer attention and liquidity is intensifying.Rather than scarcity-driven speculation, the market is increasingly shaped by utility-based use cases, cultural engagement, and lower-priced mass issuance — a structural shift that continues to redefine how NFTs are created, traded, and valued.NFT market cap remains well below 2022 peakThe broader NFT sector has continued to unwind excess from the previous cycle. Total market capitalization has steadily declined since peaking at around $17 billion in April 2022, reflecting a prolonged correction following the speculative boom.While minting volumes remain elevated, the data suggests that sustained recovery in prices and liquidity will likely depend on renewed demand, stronger utility adoption, and improved capital inflows — rather than continued expansion in supply alone.