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Non-fungible tokens (NFTs) were once the hot new thing, with experts predicting they could be worth more than $264 billion by 2032. However, this vision is unlikely as the NFT market faces serious trouble.
In 2021, NFTs traded nearly $3 billion every week. By early 2025, that number had dropped to just $23.8 million. The excitement is gone, and many people are starting to wonder if the NFT trend is truly over.
The Rise and Fall of NFTs
NFTs became popular in 2020 and 2021 during the COVID-19 pandemic. Artists and creators saw NFTs as a way to connect with their fans and profit from their work. Unfortunately, the hype has died down, and the NFT market is struggling. In 2024, sales fell by nearly 20%, and many traders left.
A big problem the NFT sector faces is the lack of clear rules. In the U.S., NFTs are treated like securities; in the UK, they are seen as collectibles. This confuses investors and slows down growth.
Legal expert Alice Frei recently said unclear rules facilitate fraud. Until governments set clear laws, NFTs will continue to struggle to gain widespread use.
Major Companies Are Pulling Back
As the NFT market continues to struggle, several major platforms have shut down their NFT platforms. In March 2025, LG closed its LG Art Lab, which had launched just a few years earlier during the peak of the NFT frenzy.
X2Y2, a marketplace that once had $5.6 billion in trading volume, also shut down after its trading volume fell by 90% since 2021. Even Bybit, a major crypto exchange, closed its NFT platform to focus on other blockchain projects.
These closures show that smaller NFT platforms are having trouble surviving. Frei believes that only the big players like OpenSea and Blur will remain in the future.
Can Gaming Save The NFT Sector?
Many people believed gaming could be the key to making NFTs mainstream. In contrast, even in the gaming industry, NFTs have had trouble catching on. Ubisoft tried to add NFTs to its games with Project Quartz, but players did not like the idea and forced the company to shut it down.
Many gamers do not want digital assets that seem like currency rather than something that adds real value or fun to the game. Frei believes that gaming could still be the last hope for NFTs.
Notably, developers will need to avoid making NFTs feel like a way to make players pay more to win. It remains uncertain whether gaming can help NFTs become more popular.
