Art NFT trading volume has collapsed by 93% since their 2021 peak

Art NFTs trading volume has collapsed by 93% since their 2021 peak, dropping from $2.9 billion that year to just $197 million in 2024 which was declared the worst year for the artifacts, and further declining to $23.8 million in Q1 2025.

This is according to a new report by DappRadar analyzing the massive downturn of a sector which was seen as the future of art consumption when it cropped up in 2020.

That year trading volume reached $28.7 million and over 101,000 sales – all exclusively on Ethereum.

According to the analysis, 2021 marked the pinnacle of this Art NFTs, with trading volumes soaring over 10,000% year-over-year to a staggering $2.9 billion.

According to the report, 2021 saw the first signs of correction. While the number of sales increased 31% to 1.91 million, total trading volume declined 19% to $2.38 billion, signaling that average prices were falling as the initial hype began to fade.

In 2023 and 2024, the Art NFT market continued to shrink sharply. Trading volume plummeted by 93% from its 2021 peak, settling at just $197 million. Sales volume, too, declined by 81%, reflecting a broader drop in enthusiasm and investor confidence.

Now in 2025, the market appears to be in free fall. With the year still underway, trading volume has already dropped further to a mere $23.8 million – a far cry from its heyday.

The dramatic collapse in trading volume from the highs of 2021 underscores just how volatile sentiment in emerging markets can be.

When looking at the average price of an art NFT:

However, since 2023, Bitcoin-based NFTs – widely known as Ordinals – have rapidly gained traction, emerging as a serious contender in the art NFT space traditionally dominated by Ethereum.

Finally, when assessing ART NFTs through active traders, the market saw a meteoric rise in active traders:

According to the report, major platforms like Art Blocks and SuperRare, which established themselves behind the Art NFT movement, have seen trading volumes drop by over 90%, with sales falling even further.

Foundation’s activity has nearly vanished, and others like MakersPlace and KnownOrigin have shut down completely. On average, the top 20 Art NFT collections have suffered a 95% drop in both trading volume and sales, highlighting the market’s dramatic decline.

Despite the hype fading, the report says the market has simply shed its speculative excesses. This is a correction and an evolution toward a more mature, sustainable space.