NFT Market Stumbles in January: Sales Drop 39% in Rocky Opening to 2025

Based on data gathered from Jan. 1 through Jan. 31, 2025, non-fungible token sales (NFT) experienced a 38.97% decline compared with the final month of 2024. Ethereum led in sales by amassing $340.47 million, although transactions on that particular chain registered a 36.58% decrease from the previous month.

NFT Market Reels in January

According to the latest metrics collected by cryptoslam.io, digital collectible sales during the first month of 2025 were significantly lower than in December. A total of $677.73 million was settled in sales across 5,428,020 NFT transactions. Ethereum led the pack with $340.47 million in sales, while Bitcoin NFT sales secured the second spot with $111.75 million.

30-day NFT sales volume via cryptoslam.io

Digital collectible sales on Bitcoin dropped by 40.90% compared with December’s figures. In January, Solana claimed third position after recording $81.56 million in sales—a decrease of 26.65%. Among the top ten blockchains, only one recorded an increase in overall sales compared with the final month of 2024. Base sales leaped by 293.19%, generating $22.76 million in total revenue.

Top five blockchains in terms of NFT sales over the last 30 days, according to cryptoslam.io stats.

The top five NFT collections by sales for Jan. 2025 were Ethereum’s Azuki with $57.05 million, followed by Ethereum’s Pudgy Penguins at $43.09 million, Mythos’ (Polkadot) Dmarket at $33.37 million, Ethereum’s Cryptopunks at $28.10 million, and Bitcoin’s BRC20 NFTs rounding out the list with $25.80 million.

Top five digital collectible collections in terms of NFT sales over the last 30 days.

Out of the top five compilations by sales, Azuki delivered the most positive performance, with a 41.92% increase in sales and a 96.83% rise in transactions. It also recorded the highest growth in buyers at 99.80% and sellers at 95.56%. The top five NFT sales this past month span multiple blockchains, with Cryptopunks leading the pack. Cryptopunk #6472, an Ethereum-based NFT, sold for $740,180 11 days ago, marking the highest sale.

The most expensive NFT sales this past month, according to cryptoslam.io metrics.

Following closely is the Cardano-based Kreating Colourblind, which sold for $392,235 eight days ago. On Solana, Boogle #007 secured a sale of $369,876 seven days ago, while on Polygon, Piggybox #13463449 sold for $288,921 about a month ago. Rounding out the list is Bitcoin’s Abstract Beings By Memphis #520, which changed hands for $222,680 23 days ago.

So far in 2025, pivotal blockchain networks have exhibited divergent durability amid fluctuating fortunes in the digital collectible sphere. Varied outcomes among platforms still hint at evolving collector appetites, with select ecosystems like Azuki and Dmarket deftly mitigating sector-wide contractions. Anticipated debuts of new collections and intensifying rivalry among NFT trading hubs could reinvigorate engagement, particularly if avant-garde aesthetics continue to galvanize audiences. To date, these assumptions have evaporated like morning fog under the sharp light of reality.

Widespread skepticism toward NFTs still lingers in 2025, with critics doubting whether the sector’s speculative allure can outweigh its inherent fragility after 2024’s steep decline in sales and valuations. Some might argue that an oversaturation of projects, combined with fleeting investor enthusiasm, played a central role in last year’s downturn. The aftershocks of that turbulent stretch seem to have kept uncertainty alive, raising fresh concerns about NFTs’ ability to establish lasting momentum—an uncertainty that continues to cast a long shadow over 2025’s outlook.

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