NFT supply will increase as sales and prices slide by 2025
The non-volatile token (NFT) market has expanded in terms of overall supply, but has seen significantly lower sales in 2025 compared to previous years.
According to CryptoSlam data, the total number of NFTs in circulation has risen to more than 1.34 billion this year, representing a 25% increase from the one billion supply in 2024. The increased supply equates to a fall in sales.
According to CryptoSlam data, NFT sales will reach $5.63 billion by 2025, a 37 percent decrease from last year's $8.9 billion. Average sales price also decreased year-over-year, down from $124 to $96.
The difference highlights a market where supply growth has outstripped demand. Innovators have lowered barriers to entry for new NFT pieces and platforms, while buyer engagement and spending have failed to keep up, spreading liquidity across a vast array of assets.
NFT supply has grown from 38 million to 1.3 billion in four years.
The total number of NFTs integrated and entered into circulation is constantly growing as cryptographic tools become cheaper and easier to use on major blockchains.
According to data from CryptoSlam, supplies rose from 38 million NFTs in 2021 to more than 106 million in 2022, before increasing rapidly in subsequent years as creators ramped up production. In the year By 2023, the total supply of NFTs will exceed 550 million tokens to 1 billion before doubling in 2024.
At the time of writing, the NFT supply stood at 1.34 billion tokens, representing a 35-fold increase, or 3,400% growth, over the past four years.
While supply has expanded rapidly, the market's ability to absorb new NFTs has weakened. Total NFT sales peaked in 2022 and have been trending lower since then.
Pricing data reinforced the transition. The average NFT sales price drops below $100 in 2025, down from $124 in 2024. It is also below the $400 average seen during the 2021 and 2022 boom.
The combination of rising supply, total sales, and declining ticket sizes suggest that NFTs are becoming an increasingly high-volume, low-cost market where competition for buyer attention will become fiercer.
Related: NFTs turn to utility and culture as value fades in 2025
NFT market capitalization continues to shrink after 2022 peak.
After peaking at around $17 billion in April 2022, the total capitalization of the NFT sector has been gradually declining, indicating an overestimation of the previous cycle.
After partially recovering to $10.8 billion in December 2024 and remaining around $9.2 billion in January 2025, the market capitalization slipped further this year and closed 2025 at around $2.4 billion.
The downward trend shows how low prices and thin liquidity have continued as the total supply of NFTs continues to expand.
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