NFTs Are Back, Blue‑Chips Struggle

[umair]

The NFT market is showing signs of revival, but not in the way many expected. In the third quarter of 2025, trading volume nearly doubled compared to the previous quarter, reaching around $1.58 billion, with over 18 million transactions. This growth is being driven largely by lower-cost mints, sports-related collectibles, tickets, loyalty programs, and other utility-focused assets rather than the high-priced “blue-chip” NFTs that dominated past cycles.

Blockchain platforms are improving to support this resurgence. Upgrades on Ethereum and layer-2 roll-ups have reduced transaction fees, making minting and trading more affordable. On Solana, compression technologies allow for large-scale NFT issuance at extremely low cost, while median transaction fees have dropped to mere cents. Even Bitcoin-based NFTs are evolving, though they remain a niche segment of the market.

Despite the broader market uptick, traditional blue-chip NFT collections continue to struggle. Floor prices for some iconic assets remain far below their peak, with some declining by over 80% compared to their highs. The narrative in the NFT space is shifting: value is increasingly tied to utility, distribution, accessibility, and real-world applications rather than prestige or collectibility alone.

For creators, collectors, and projects, the message is clear. Success now depends on factors such as cost efficiency, mobile-friendly wallets, social minting funnels, and utility beyond visual appeal. While the NFT market is far from dead, the winners in this new phase will likely be different from those that thrived during the 2021 hype era.