NFTs shifted to utility and culture as price faded in 2025

In 2025, non-fungible tokens were reshaped by falling volumes, cultural repositioning and a growing focus on real-world use cases.

In 2021, a non-fungible token (NFT) by digital artist Beeple was sold for a staggering $69.3 million at a Christie’s auction. Roughly a year later, blockchain entrepreneur Deepak Thapliyal bought a CryptoPunk NFT for $23.7 million in one of the most expensive digital art pieces ever sold.

But those were the glory days of NFTs, when digital collectibles routinely commanded eight-figure prices and mainstream institutions rushed to legitimize the market.

In 2025, the market has changed, with NFT trading volumes down sharply from their 2021 peaks and buyers placing greater emphasis on utility, community and long-term relevance rather than headline-grabbing prices.

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