NFTs shifted to utility and culture as price faded in 2025

In 2021, a non-fungible token (NFT) by integer creator Beeple was sold for a staggering $69.3 million astatine a Christie's auction. Roughly a twelvemonth later, blockchain entrepreneur Deepak Thapliyal bought a CryptoPunk NFT for $23.7 cardinal successful 1 of the astir costly integer creation pieces ever sold.

But those were the glory days of NFTs, erstwhile integer collectibles routinely commanded eight-figure prices and mainstream institutions rushed to legitimize the market.

In 2025, the marketplace has changed, with NFT trading volumes down sharply from their 2021 peaks and buyers placing greater accent connected utility, assemblage and semipermanent relevance alternatively than headline-grabbing prices.

Source: Christie’s

The NFT marketplace successful 2025

The NFT marketplace opened 2025 nether pressure, with first-quarter income falling 63% twelvemonth implicit twelvemonth to $1.5 billion, down from $4.1 cardinal during the aforesaid play successful 2024. The downturn accelerated successful March, erstwhile monthly income plunged 76% to $373 cardinal from $1.6 cardinal a twelvemonth earlier.

In November, NFT income fell to their lowest monthly level of the year, with integer collectibles down much than 66% successful marketplace capitalization from their January highs. CryptoSlam information shows monthly income dropped to $320 million, astir fractional of October’s $629 million.

Despite the broader slowdown, a tiny fig of collections continued to pull buyers. Pudgy Penguins recorded $72 cardinal successful Q1 sales, up 13% year-over-year, perchance supported by a marketplace modulation beyond Web3 into a physical artifact brand.

Pudgy Penguins toys and apparel. Source: Pudgy Penguins’ Amazon page

Long-running blue-chip collections person besides leaned into taste positioning alternatively than terms momentum. In May, Yuga Labs sold the intellectual spot rights to CryptoPunks to the nonprofit Infinite Node Foundation, a determination aimed astatine placing 1 of the earliest NFT projects nether semipermanent taste stewardship.

CryptoPunks’ level terms present stands astatine 26.99 ETH (ETH), down astir 78% from its August 2021 highest of 125 ETH, but inactive capable to support it ranked arsenic the top illustration representation (PFP) NFT collection.

At the clip of writing, CoinGecko information showed that the full NFT marketplace headdress has fallen to astir $2.56 billion. At the highest of the NFT craze successful April 2022, the marketplace headdress was astir $16.8 billion.

NFT marketplace cap. Source: CoinGecko

Related: Valve’s Counter-Strike 2 update crashes $5.8B economy, revives NFT debate

NFTs displacement from speculation to real-world use

While involvement successful illustration representation (PFP) NFTs has cooled crossed overmuch of the crypto market, NFTs tied to real-world usage cases proceed to find traction. 

Marketplaces specified arsenic OpenSea person broadened their focus to go cosmopolitan onchain trading hubs, portion newer enactment successful the abstraction has centered connected NFTs linked to tickets and carnal goods.

International sports organizations support experimenting with NFTs for lawsuit access, including FIFA, which is utilizing blockchain-based “Right to Buy” tokens arsenic portion of its ticketing attack for the 2026 World Cup. 

The NFTs springiness holders precedence entree to buy tickets astatine look value, alternatively than guaranteeing entry, arsenic a mode to bounds terms gouging successful secondary markets. According to FIFA Collect data, preservation NFTs for matches involving teams specified arsenic Argentina, Spain, France, England and Brazil were priced astatine $999 and person sold out.

Another NFT conception showing resilience successful 2025 is real-world collectible–backed NFTs, peculiarly trading cards. Platforms specified arsenic Courtyard.io person emerged among players successful this niche by linking Pokémon cards to onchain tokens. 

Courtyard stores authenticated cards successful vaults, allows users to commercialized them arsenic NFTs, and offers enigma packs that tin beryllium redeemed oregon resold, combining blockchain verification with accepted collecting mechanics.

Over the past 30 days, the institution has processed much than 230,000 transactions and generated astir $12.7 cardinal successful sales, according to CryptoSlam data.

NFT rankings by income volume. Source: CryptoSlam

Nicolas le Jeune, CEO of Courtyard, told Cointelegraph that the company’s attack reflects a broader displacement successful however NFTs are being used, treating blockchain infrastructure arsenic a means alternatively than the merchandise itself. He said:

“We usage Web3 arsenic a tool, not a destination. The worth we connection isn’t that thing is connected the blockchain — it’s the acquisition and the underlying asset.”

He emphasized that tokenization unsocial does not make value, saying that “the cards you bargain connected Courtyard aren’t worthy much due to the fact that they’re NFTs. The worth is the underlying plus — the NFT conscionable gives you a amended mode to acquisition it.”

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