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From April 2021 to February 2025, the total value of sales involving non-fungible tokens (NFTs) in the art segment declined significantly. As of April 15, 2021, NFT sales recorded on the Ethereum, Ronin, and Flow blockchains during the previous 30 days generated an aggregated value of around ** million U.S. dollars. While sales peaked at nearly *** million U.S. dollars as of September 15, 2021, they have experienced an overall decreasing trend since then. As of February 15, 2025, the aggregated sales value over 30 days amounted to almost ** million U.S. dollars. 

What is an NFT?

Non-fungible tokens are unique digital goods that are stored on the blockchain. They are mainly used in the art market to prove the authenticity of digital works of art. While digital artworks could be indefinitely shared online, digital art in the form of an NFT becomes a unique asset. The process of turning a digital file into an NFT is called minting, while the art created through this process is usually defined as crypto art.

The NFT art market

Once an artwork has been minted, it can be purchased. In March 2021, auction house Christie’s sold an NFT digital collage by American artist Beeple for the staggering price of **** million U.S. dollars, making it the most expensive NFT sold worldwide. After the auction, NFT interest exploded. However, the 30-day aggregated sales volume of NFTs in the art segment dropped sharply from April 2021 to February 2025.