The global non-fungible token market recorded sales worth $2.82 billion in the first half of 2025, despite a broader decline in trading volumes, according to data from CryptoSlam and DappRadar. Although sales volumes saw a modest dip of 4.61 per cent from the $2.96 billion reported in the second half of 2024, the figures suggest continued engagement in the NFT space.
Strong Start Followed by Second Quarter Slowdown
CryptoSlam data reveals that NFT sales surged in the first quarter of 2025, reaching $1.59 billion. However, the momentum slowed in the second quarter, which ended with $1.24 billion in sales. January stood out as the best-performing month, contributing $679 million to the total. By June, monthly sales had declined to $388 million, reflecting a broader downward trend through the second quarter.
The sales volume figures account for both primary and secondary transactions across multiple blockchains. Primary sales involve NFTs sold for the first time, typically by their original creators, while secondary sales refer to resales within the community.
Despite the decline in volume, transaction activity and average sale prices remained relatively stable. CryptoSlam reported between 4 million and 6 million monthly transactions, with average sale values ranging from 80 to 100 dollars.
Trading Volumes Decline but Sales Counts Rebound
A separate report from DappRadar highlighted a consistent drop in trading volumes and sales counts throughout 2024 and into early 2025. In the second quarter of this year, trading volumes plunged to 823 million dollars, a 45 per cent decrease compared to the 1.5 billion dollars recorded in the first quarter.
Interestingly, while trading volume fell, sales activity showed signs of recovery. DappRadar recorded 12.5 million NFT sales in Q2 2025, marking a 78 per cent increase from the previous quarter. This was the first rise in sales count after four consecutive quarters of decline.
DappRadar’s figures measure the total value of transactions across NFT marketplaces and decentralised applications, while sales count refers to the number of individual NFT transactions. Analysts say the increase in sales count indicates that NFTs are becoming more affordable and accessible, helping maintain user interest in digital collectibles.
Market Maturity Signals Healthier Ecosystem
Industry voices have suggested that the lower trading volumes may not be a negative development. Aubrey Terrazas, vice president of marketing at NFT platform Rarible, said the changes signal a healthier and more sustainable market environment.
“We are moving past pure speculation into real utility and community-driven projects,” Terrazas said. “Prices have normalised, but interest and innovation remain strong.”
She added that increased sales counts and lower dollar volumes point to improved affordability, supported by multichain growth and new blockchain ecosystems. According to Terrazas, these shifts mark the beginning of a more mature phase for NFTs, driven by genuine demand and practical use cases.
“Demand for digital assets is still strong, and we are seeing NFTs power real go-to-market strategies to build loyal communities and unlock new revenue streams,” she said.
Snoop Dogg’s NFT Collection Sells Out in 30 Minutes
Despite a general slowdown, successful launches continue to show the enduring appeal of NFTs. In a recent example, American rapper Snoop Dogg sold nearly a million NFTs on Telegram in just 30 minutes, generating 12 million dollars in sales.
The collection, hosted on the TON blockchain, included 996,000 digital gifts and quickly drew significant attention. Telegram founder Pavel Durov confirmed the sales figure, while TON’s NFT lead, known as Zenith on X, suggested the launch could usher in a new narrative for NFTs on messaging platforms.
The rapid sellout indicates that while the market is evolving, strong community engagement and celebrity-driven releases can still command impressive demand.
