Ethereum Leads NFTs Amid Market Collapse
Key Takeaways
- Ethereum remains the leading force in the NFT space despite a market downturn.
- Bitcoin drops to 19th place in NFT sales rankings.
- The overall NFT market shrinks by 63% in Q1 2025.
- Only 0.2% of all NFT projects are profitable.
- Ethereum struggles with declining prices and weakening demand.
Ethereum Continues to Dominate the NFT Market
Ethereum (ETH) remains the leading blockchain for non-fungible tokens (NFTs) in 2025. Despite a general downturn in the NFT market, Ethereum has managed to maintain its market share. In January 2025, sales volume reached approximately USD 338 million—representing around 50% of the overall NFT market.
In contrast, Bitcoin (BTC) experienced a major decline. While BTC ranked second in NFT sales the previous year, it fell to 19th place in Q1 2025. Sales volume dropped by 79% to just USD 291 million.
Sharp Decline in the NFT Market
NFT sales have dropped significantly in the first quarter of 2025. Year-over-year, the market saw a 63% decline. A negative trend can also be observed across all blockchains: total NFT transaction volume shrank by 43.17%.
Ethereum saw a 58% month-over-month drop, but with a volume of USD 142 million, it still outpaces other networks by a wide margin. Bitcoin, on the other hand, lost 80% of its NFT volume and was overtaken by several other blockchains.
Why NFTs Are Losing Their Appeal
NFTs were once considered innovative digital assets. However, recent data shows that many projects see little to no trading activity. According to market analysis, 98% of all NFT collections are effectively illiquid. Only 0.2% of NFT drops generate any profit at all. Most lose more than half their value within just a few days.
This trend is reminiscent of past speculative bubbles, such as the “Beanie Babies” craze of the 1990s, where a hype was followed by a rapid collapse in value.
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Ethereum Under Selling Pressure
Despite its leading role in the NFT market, Ethereum is under financial pressure. Since the beginning of the year, ETH has lost around 45% of its value and is currently testing a key support level at USD 1,831. The USD 2,000 level is acting as a strong resistance.
Many analysts have already revised their price targets for ETH sharply downward—by as much as 60% in some cases. The decline in the NFT market has also reduced liquidity on the sell side, making price recoveries more difficult.
Is Bitcoin Falling Behind for Good?
Bitcoin has never fully established itself in the NFT segment. Its current drop to 19th place in NFT sales highlights this. While Ethereum continues to be used as a platform for digital collectibles, BTC seems to be losing relevance in this area.
Whether Ethereum can gain a long-term advantage from this remains uncertain. ETH is also suffering from the overall market weakness and declining user activity.
Our Assessment
Ethereum is currently ahead when it comes to NFTs. However, the market as a whole is showing clear signs of weakness. Most NFT projects are not profitable, and user interest is declining. Even Ethereum cannot escape this trend—despite its dominant position.
For investors, this means caution is advised. Neither Ethereum nor Bitcoin currently offer a stable foundation in the NFT sector. Those looking to invest should closely monitor market developments and be aware of the risks. NFTs are not a reliable growth driver at this time—neither for ETH nor for BTC.
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