NFT Market Cools in Early September After Strong Summer Gains

The non-fungible token (NFT) market slowed at the start of September, ending an eight-week stretch of steady performance. Weekly sales volume dropped to $91.95 million, marking the lowest level since mid-June. For two months, weekly trade value consistently stayed above $115 million, showing that the early September decline to $91.95 million marked a notable slowdown.

NFT Sales Drop Sharply After Summer Peak

Between early July and late August, NFT sales volume had remained strong, reaching $170 million in the week of July 21 to July 27. That week ranked as the third-highest total of 2025, while the peak so far this year came in mid-January at $172 million. By comparison, the fall in early September to $91.95 million represented a loss of more than 45% from July’s high point.

The last time sales volume was this low was between June 16 and June 22, when weekly volume closed at $90 million. For the current week, sales so far stand at $5.6 million, though the final outcome will only be known once the week is completed.

Buyer Activity and Sale Values Show Significant Decline

The cooling trend was also evident in participation. From September 1 to 7, unique buyers totaled 199,821, well below the 487,264 buyers reported in the July 21 to July 27 period. The difference shows a decline of nearly 59% in just over a month.

Average sale values fell alongside. At the beginning of August, the typical NFT purchase averaged around $102. By the first week of September, that figure had slipped to $72.26, a fall of roughly 29% over about four weeks. In late July, average sales were even lower at $57, but at that time buyer numbers were significantly higher, suggesting strong participation even at reduced prices.

Analyst Highlights Drivers Behind NFT Market Growth

The recent growth in the NFT market has been driven by increasing adoption and the rise of new platforms. Sara Gherghelas, an analyst with DappRadar, explained that July and August emerged as the strongest months for NFTs since February 2025, with both sales volume and transaction numbers showing notable gains.

According to her, this recent growth has been fueled by several key drivers, which include the following:

• Ibiza’s nightclub Hï launched the first permanent NFT gallery with The Night League and London’s W1 Curates in partnership.
• The gallery features immersive digital art from Beeple, Mad Dog Jones, WhIsBe, and KidEight, taking NFTs into mainstream venues.
• This cultural expansion was matched by blockchain growth, as Base drew users with low minting costs and a possible airdrop.
• Together these trends pushed July and August to become the strongest NFT months since February 2025 in sales and transactions.

With adoption increasing and new platforms adding momentum, the weeks ahead will show whether the September slowdown is a brief pause or a longer shift in the market. In August, Ethereum continued to dominate the NFT space, holding 61% of market share. Meanwhile, Blur overtook OpenSea in trading activity during the month, accounting for about 22% of total NFT volume.