NFT art sales fall from $ 2.9 billion in 2021 to $ 24 million in the second quarter – report

The global unjust symbolic art market has experienced up and down since 2020, developing niche enthusiasm to mainstream frustration before facing a brutal decline. In-depth analysis has shown that the NFT Art market has fallen by more than 90%, its trading volume from $ 2.9 billion in 2021 to only $ 23.8 million from the quarter of the first quarter. In this article we will discuss what went wrong.

NFT art sales fall into Q1, below +90% from 2021

On March 27, 2025, DappadarA digital asset platform that provides a comprehensive nodal point for detection, monitoring and management of decentralized applications, NFTs, defi projects and other Web3 assets, while providing data and knowledge to users and industrial partners, shared the report on the NFT art market. Data Analytics reported that the trading volume of the NFT Art Market has fallen by more than 90%, falling from a record $ 2.9 billion to $ 23.8 million in the second quarter 2025.

📉 In 2021 Art NFTS volume hit $ 2.9 billion. This quarter? Only $ 23.8 million.

From Beeple from $ 69 million to a masterpiece up to 93% collision – what happened to the NFT art boom?

We digged the data and it's more than just a leap cycle.
Read the full distribution 👇https://t.co/wgo83ltqm9

– Dappadar (@dappradar) 28 March 2025

Filmless symbolic art market debuted in early 2020, the trading volume amounts to $ 28.7 million and more than 101,000 sales in Ethereum. As a pioneering chain network in the NFT space, Ethereum laid the foundation for the flowering of digital art. The NFT art market reached a huge milestone in November 2020, just after the launch of art blocks. This art collection motivated the focus of generative art and attracted artists and collectors, marking the turning point in the landscape of digital art.

At the end of 2021 and at the beginning of 2022, the NFT art market grew popularity, rapidly gaining one of the most discussed topics in the NFT industry. During this NFT Market Bull Run, the art sector offered digital artists unprecedented creative and financial independence, creating a new digital economy and directing global NFT market prices to extraordinary heights. For the first time, the traditional art market grabbed the mainstream attention and interest.

The rapid growth of the NFT art market coincided with the global shifts, driven by the COVID-19 pandemic, which accelerated the introduction of digital platforms and forced NFT artists to explore innovative methods of dealing with their audience. At the end of 2021, Art NFTS achieved a huge traction, where trading volume increased by +10,000% compared to a year to reach $ 2.9 billion. Previously in 2022, the NFT art market saw some dollars sold by NFT.

The most expensive and iconic NFTs, sold in 2021-2022, among the historic NFT marker Bull Run, included “EverydayDays: The Beeple's First 5000 Days”, sold for $ 69.3 million, Beeple's “Human” for $ 28.9 million, “Right-Click and Xcopy, which sold $ 10.09 million sold for $ 7.09 million, sold by Beepire Beepli, Beepe Time, Beep, Beeper. Dmitri Cherniak, which sold $ 6.93 million.

From mid -2012, the Art NFT market lost its original impulse, and the trading volume dropped by 19% to $ 2.38 billion in the year, despite the increase in sales to 31% to 1.91 million. This difference between trading volume and sales showed that NFT floors have a significant decline in the average prices of the floors when the leap began to fade. The decline continued in 2023 and 2024, and the volume of art trading fell from 93% from the highest of all time to $ 197 million.

Three years later, the leap around Art NFTS has fallen significantly. In 1 quarter 201025, the trading volume of Art NFTS fell to only $ 23.8 million. Although the year is not over, the number shows that Art NFTS is still struggling to restore relevance. The drastic decline in art NFTs with a golden era 2021-2022 reflects shrinking enthusiasm and reducing investment interest. It also suggests that the market body may change, leaving any landscape insecurity.

What went wrong?

Based on the Dappadar finds, NFT Market experienced high demand and fewer sellers in 2022, creating intense competition, which increased floor prices and trading volumes. In 2022, the relationship became more balanced, with increased trading and slipping as speculation increases. In 2023, buyers and sellers were balanced by signaling a more mature and less speculative market.

Unfortunately, the sharp decline in buyers, along with the number of permanent sellers, highlighted the shrinking demand and increased efforts to eliminate property. Over the past three months, the market has experienced a cautious but stable environment, with a small but consistent community of dedicated collectors active. As the NFT industry evolves, the Art NFT is ready to develop as a refined and durable segment of the wider NFT ecosystem.

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