NFT market cap drops to $1.5B amid crypto sell-off
Global NFT market cap fell to about $1.5 billion over two weeks amid a crypto sell-off, as Nike offloaded RTFKT and platforms Nifty Gateway and Rodeo prepared to close, CoinGecko data show.
The global NFT market cap has dropped to about $1.5 billion, returning to levels last seen in 2021 after a two-week slide in digital asset prices, according to CoinGecko.
The decline tracked broader weakness in cryptocurrencies. Major tokens including Bitcoin and Ether fell during the period. Bitcoin and Ethereum rank as the top two networks for NFTs by 30-day trading volume, based on CryptoSlam.
Corporate pullbacks added to the reset. On Jan. 7, Nike offloaded RTFKT, the digital collectibles studio it acquired during the NFT boom. The sale followed a move to wind down operations amid an investor lawsuit.
Marketplace shutdowns have gathered pace. Nifty Gateway, one of the earliest NFT platforms and owned by Gemini, plans to close on Feb. 23 and has shifted to withdrawal-only mode. On Jan. 28, social NFT platform Rodeo outlined plans to cease operations after failing to scale sustainably. The platform will transition to read-only before a full shutdown in March.
Supply trends point to more pressure on prices. CryptoSlam estimates the number of NFTs in circulation reached nearly 1.3 billion in 2025, up about 25% from 2024. Total NFT sales declined 37% year over year to $5.6 billion, and average sale prices fell below $100. During that period, minting costs decreased and barriers to issuing new NFTs fell, while buyer participation and spending lagged.
As we covered previously, NFT marketplaces responded to a sharp contraction by expanding beyond NFT trading. At its height near 2023, the sector’s market cap was about $184 billion; by late 2025 it had dropped below $500 million.
In 2025 OpenSea overhauled its platform to add cross-chain trading of fungible tokens alongside NFTs, allowing users to trade assets across multiple blockchains. Magic Eden introduced fungible token trading and has emphasized expansion into what it calls crypto entertainment, saying token trading is supplementary, not its core business.
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