NFT Sales Plunge Another 12% in March as Marketplaces Shut Down

In Brief:

NFT sales volume across top blockchains dropped by 12.4% in March.

Bybit and X2Y2 are shutting down their NFT platforms amid shrinking demand.

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NFT market activity continued to slide in March 2025, according to Binance research. Sales volume across the top 10 blockchains fell by 12.4%, marking another month of sharp decline in buyer interest. The number of unique buyers has dropped to its lowest level since October 2023.

Ethereum-based NFTs were hit the hardest, with network sales dropping 59.3%. Major collections like Bored Ape Yacht Club and Pudgy Penguins saw losses exceeding 50%, while only CryptoPunks posted any growth. On the other hand, Panini, the legacy collectible brand, defied the trend with a 259% surge in sales, joining Immutable as one of the two chains to post growth.

Despite the drop, brands are still experimenting with new formats. Azuki partnered with artist Michael Lau for physical-backed NFTs, while The Sandbox introduced Jurassic World assets into its metaverse.

However, contraction is forcing platform exits. Bybit announced the closure of its NFT Marketplace and IDO platform. X2Y2 is winding down after $5.6 billion in lifetime volume, stating that it’s "drawing a line here, not a pause or a maybe, but a full stop."

Kraken also ended its NFT services earlier this year, and NFT-related tokens have taken hits—Magic Eden has dropped 94% in value since launch, while PENGU is down 30% despite a Coinbase listing.

The decline in NFT activity has rippled through to Ethereum’s performance. Transaction fee revenue has collapsed by 95% since 2021 highs, and ETH’s price is now down 58.8% from its all-time peak.

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