NFTs Market Cap Dips 46% in a Month Despite Surge in Trading
- NFT market cap drops by 46% in one month despite higher trading volumes in October.
- Bitcoin and Base NFTs gain while Ethereum, Solana, and Polygon face sharp declines.
- YouTube’s new policy threatens NFT and Web3 gaming creators with stricter content rules.
The global non-fungible token (NFT) market has plunged by nearly half its value within just 30 days. According to CoinGecko data, the total market cap fell from about $6.6 billion on October 5 to $3.73 billion by November 5, 2025. The dip came even as trading volumes briefly rose in October, showing a sharp disconnect between activity and valuation.
NFT Valuations Plunge Across Major Blockchains
Despite stronger sales, NFT prices have dropped across leading networks. CryptoSlam data shows total NFT sales in October reached $631 million, up by 13% from September’s $556 million. However, market confidence weakened as blue-chip floor prices slid. Bitcoin and Base NFTs were the only major gainers, rising by 9% and 24%, respectively.
Meanwhile, other chains posted steep losses. BNB Chain’s NFT market value dipped by 82%, while Polygon fell by 86%. Ethereum, the largest network by volume, recorded a 25.5% decline in 30 days. Solana, Immutable, and Avalanche followed with losses ranging between 31% and 35%.
CryptoPunks’ floor price dropped from roughly $214,000 to $117,000. Moonbirds’ average price halved from $14,700 to $6,500. Although Bored Ape Yacht Club (BAYC) and Pudgy Penguins saw trading volume surge by 30% and 83%. BAYC dropped from $36,700 to $19,500, while Pudgy Penguins fell from $43,000 to $18,340.
Trading Volume Rises but Market Confidence Weakens
The overall NFT market cap now is at $3.73 billion, a 2.6% 24-hour decline. Despite this, short-term trading has intensified. The 24-hour trading volume hit $8.39 million, a 47.3% increase, showing renewed activity from smaller traders.
CoinMarketCap data further indicates that 24-hour sales volume dropped by 58.5% to $4.19 million, while the total number of NFT transactions jumped 47.12% to about 143,400. This contrast suggests growing retail activity through smaller trades even as average transaction sizes shrink. Activity across most intervals is below $200,000, pointing to limited liquidity in higher-value segments.
Among trending collections, Runestone rose by 5.8% to 0.001 BTC, Solana Monkey Business gained 0.5% to 17.12 SOL, while Mocaverse slipped 1.4% to 0.38 ETH. CryptoPunks continued to dominate with 31% market share, followed by BAYC with 5% and Pudgy Penguins with 4%.
Related: ZachXBT Tracks $28M Bittensor Hack Through NFT Trades
Platforms and Creators
While NFT prices have dropped, major industry firms are adapting to broader onchain opportunities. In October, OpenSea, which had over 522,000 traders that month, revealed plans to expand into a general onchain trading platform. The company dismissed rumors that it was moving away from NFTs but said its focus now includes a wider range of blockchain assets.
At the same time, Animoca Brands confirmed it still plans to list on Nasdaq, showing that big investors remain interested in Web3 and metaverse projects even as NFT demand slows. These actions show that major companies are branching out to stay strong in an uncertain market.
However, Web3 creators now face more regulation. YouTube introduced new rules that treat NFTs and in-game tokens like gambling items. Starting November 17, videos showing NFT rewards, staking, or token buying will face restrictions. Content that includes wallet links or promotes NFT mints might also be removed.
YouTube said the goal is to protect users, though it could make it harder for blockchain gaming content to reach audiences. The rules apply even to older uploads, which may be reviewed and age-restricted, reducing creators’ reach and ad opportunities. Because the platform has not clarified how it distinguishes between gaming and gambling content, many Web3 creators face uncertainty over compliance.
Meanwhile, the NFT sector’s 46% market cap loss in just one month shows ongoing volatility despite rising transaction counts. Data from CoinGecko and CryptoSlam confirm that Bitcoin and Base NFTs remained exceptions in an otherwise declining market. As platforms like OpenSea and Animoca Brands adjust strategies and YouTube tightens content rules, the broader Web3 sector faces a new test of endurance.
