According to the latest Binance Research, the NFT market fell sharply in March 2025. Total sales across the top 10 blockchains fell by 12.4%, indicating weak buyers’ interest. Only two chains, mysterious and panini, packed the trend.
The number of unique NFT buyers has fallen to its lowest level since October 2023, pointing to a slowdown caused by global economic pressure.
Did NFT die in 2025?
Ethereum-based NFTs suffered the most. Network sales fell 59.3%, with Cryptopunks alone recording the growth of the top 20 collections. The boring APE Yacht Club and Pudgy Penguins both recorded losses of over 50%.
Panini saw a strong surge in activity. Its digital collectible jumped 259.2% in sales and was placed in the top 10 NFT blockchain.
Panini’s digital products feature a long legacy of physical collectibles and use blockchain to verify ownership of assets.
Monthly NFT trading volume over the past year. Source: Binance
Despite the wider slowdown, brands and creators continue to explore new concepts of NFTs. Azuki worked with artist Michael Lau to launch a physical NFT.
Sandbox worked with Jurassic World to guide the approved dinosaurs into a metaverse experience.
Still, the market shrinkage has led to several closures. Bybit has announced that it will close the NFT Marketplace, the inscription market and the IDO platform.
X2Y2 is also closed after processing a $5.6 billion transaction volume. Activity has declined 90% since NFTS peaked in 2021 and many platforms were pushed out of the market.
“Live or die by the network effect. We’ve become #1 with teeth and nails, but it’s clear that three years later it’s time to move on.
Kraken also ended its NFT business in February, shifting its focus to other business areas.
Meanwhile, NFT-related tokens continue to decline. Magic Eden has lost 94% of its value since its launch four months ago. Pudgy Penguins (Pengu) has fallen almost 30% over the past month despite Coinbase’s list.
Ethereum’s revenue was also a hit. Transaction fee revenues fell 95% since the second half of 2021 due to lower NFT activity and lower contributions from the Layer 2 network.
This is reflected in Ethereum prices as Altcoin has dropped by 58.8% from an all-time high. The first quarter of 2025 marked the worst quarter since 2018.
