NFT Sales Dropped Another 12% In March As Several Marketplaces Close

According to the latest Binance research, the $NFT market saw a sharp drop in March 2025. Total sales volume across the top 10 blockchains fell by 12.4%, signaling weaker buyer interest. Only two chains—Immutable and Panini—bucked the trend.

The number of unique $NFT buyers dropped to its lowest level since October 2023, pointing to a slowdown caused by global economic pressures.

Are NFTs Dying Out in 2025?

Ethereum-based NFTs suffered the most. Sales on the network dropped 59.3%, with only CryptoPunks recording any growth among the top 20 collections. Bored Ape Yacht Club and Pudgy Penguins both posted losses of more than 50%.

Panini saw a strong surge in activity. Its digital collectibles jumped 259.2% in sales, placing it among the top 10 $NFT blockchains.

With a long legacy in physical collectibles, Panini’s digital offering uses blockchain to validate asset ownership.

Monthly $NFT Trading Volume in the Past Year. Source: Binance

Despite the broader slowdown, brands and creators continue to explore new $NFT concepts. Azuki collaborated with artist Michael Lau to launch a physical-backed $NFT.

The Sandbox teamed up with Jurassic World to bring licensed dinosaurs into its metaverse experience.

Still, market contraction has led to several closures. Bybit announced it is shutting down its $NFT Marketplace, Inscription Marketplace, and IDO platform.

X2Y2 is also winding down after handling $5.6 billion in trading volume. Activity has dropped by 90% since NFTs peaked in 2021, pushing many platforms out of the market.

“Marketplaces live or die by network effects. We fought tooth and nail to be #1, but after three years, it’s clear it’s time to move on. The $NFT chapter taught us a lot—most of all, that lasting value beats chasing trends. That lesson’s why we’re drawing a line here, not a pause or a maybe, but a full stop on X2Y2 as we knew it,” X2Y2 wrote in its announcement.

Also, Kraken ended its $NFT operations in February, shifting focus to other business areas.

Meanwhile, $NFT-related tokens continue to fall. Magic Eden has lost 94% of its value since its launch four months ago. Pudgy Penguins (PENGU) has declined nearly 30% over the past month, despite its Coinbase listing.

Ethereum’s revenue has also taken a hit. Transaction fee income has dropped by 95% since late 2021, driven by falling $NFT activity and fewer contributions from Layer 2 networks.

This has been reflected in Ethereum’s price, as the altcoin declined by 58.8% from its all-time high. Q1 2025 marked its worst quarter since 2018.