November has delivered the harshest month yet for NFTs in 2025. Total sales across the sector fell to just $320 million, a dramatic drop from October’s $629 million and a stark signal of ongoing pressure in the digital collectibles market.
Data from CryptoSlam shows NFT volumes have returned to levels last seen in September, when the market generated $312 million. The downturn has spilled into December, with the first week clocking a mere $62 million, marking the slowest seven-day stretch of the year.
The market capitalization of NFTs now sits at $3.1 billion, down from $9.2 billion in January. This 66 percent decline reflects broad valuation losses across major collections as investors continue to retreat from the sector.
Flagship collections have taken a hit. PUNKS, the largest by market cap, fell 12 percent over the past 30 days. Bored Ape Yacht Club slid 8.5 percent, while Pudgy Penguins dropped 10.6 percent in the same period.
Art-focused NFTs are feeling the squeeze too. Chromie Squiggle fell 5.6 percent, Fidenza dropped 14.6 percent, and Moonbirds slid 17.9 percent. Mutant Ape Yacht Club lost 13.4 percent over the last month.
Among the top ten collections, Hypurr suffered the steepest decline, shedding 48 percent of its value. Only a handful of collections bucked the trend. Infinex Patrons, the second-largest collection, rose 14.9 percent, while Autoglyphs outperformed the market entirely with a 20.9 percent surge.
The decline caps a volatile quarter for digital collectibles. Market cap fell from $6.6 billion in October to $3.5 billion in November, a 46 percent drop in just 30 days. A brief rally alongside a meme coin surge lifted valuations to $3.9 billion on November 11, but the rebound was short-lived as selling pressure quickly returned.
The NFT market remains in a state of flux, and investors are watching closely to see whether digital collectibles can stabilize or face continued downward momentum.
