NFT Market Struggles: Sales Plunge as Major Platforms Shut Down

The NFT market faced a major downturn in March 2025, according to Binance research.

Sales volume across the top 10 blockchains dropped by 12.4%, with only Immutable and Panini showing growth. The number of unique buyers also fell to its lowest since October 2023, reflecting reduced interest amid global economic challenges.

Ethereum-based NFTs were hit hardest, with sales plummeting 59.3%. Most top collections, including Bored Ape Yacht Club and Pudgy Penguins, recorded significant losses, while only CryptoPunks saw some growth. In contrast, Panini recorded a surge in activity, with sales jumping 259.2% due to its strong physical collectibles background.

Despite the downturn, some brands continue to innovate. Azuki partnered with artist Michael Lau for physical-backed NFTs, and The Sandbox collaborated with Jurassic World to introduce licensed dinosaurs to its metaverse.

However, the struggling market has forced some platforms to shut down. Bybit is closing its NFT Marketplace, and X2Y2, which saw a 90% drop in activity since the 2021 peak, is also winding down. Kraken ended its NFT operations earlier this year.

NFT-related tokens have suffered too, with Magic Eden losing 94% of its value since launch and Pudgy Penguins (PENGU) dropping nearly 30%. Ethereums transaction fee income has declined by 95% since 2021, with its price falling 58.8% from its all-time high, marking its worst quarter since 2018.

Experts suggest that while the NFT market is undergoing a significant contraction, it may also be entering a phase of consolidation. As speculative hype fades, the focus could shift towards more sustainable and utility-driven projects, potentially laying the groundwork for a more resilient NFT ecosystem in the future.

Kosta Gushterov

Reporter at Coindoo

Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.