In 2025, the non-fungible token (NFT) marketplace has plummeted to new lows, recording a trading volume of approximately $140 million in May 2025.
This dramatic decline signals a shift in the digital asset landscape, raising critical questions about the future of NFTs.
Once heralded as revolutionary, NFTs now face scrutiny as investors reassess their value amid dwindling trading activity.
Consequently, this article explores the current state of major NFT marketplaces, focusing on Blur and OpenSea, while evaluating whether NFTs remain a viable investment in 2025.
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Blur NFT marketplace continues to shed a substantial part of trading Volume
Blur, once a dominant force in the NFT ecosystem, has experienced a significant erosion of its trading volume. Initially launched in October 2022, Blur surged to prominence by offering zero-fee transactions. The NFT marketplace targeted professional traders with advanced features like floor sweeping and real-time pricing.
In just a few months of trading, Blur flipped OpenSea to become the number one NFT marketplace in the digital collectibles space. Blur commanded half of the NFT trading volume in December 2022. Out of a total trading volume of $750 million, Blur commanded $371 million.
By February 2023, 2025, Blur had become the go-to NFT marketplace for millions of traders. The trading platform reached a peak trading volume of $1.06 billion during the period. This phase saw it outpace competitors like OpenSea and Magic Eden.
However, this triumph was short-lived. By mid-2025, Blur’s trading volume nosedived steeply. In May 2025, Blur trading volume was about $44 million, representing 31% of total volume. While the situation looks bad for the trading platform, its trading statistic for May 2025 was a 30% rise from April 2025’s $34 million.
Several factors contributed to Blur’s downturn. Blur’s downturn was significantly impacted by allegations of wash trading. Wash trading is where entities artificially inflate trading volumes. This activity has gone a long way to tarnish Blur’s reputation.
Furthermore, Blur’s focus on high-volume traders and its controversial decision to bypass creator royalties alienated some users. As a result, Blur struggles to maintain its competitive edge, forcing investors to question its long-term sustainability in a shrinking market.
OpenSea flips Blur again to become the largest NFT marketplace
OpenSea has staged a remarkable comeback, reclaiming its position as the leading NFT marketplace. In the first five months of 2025, OpenSea recorded $600 million in trading volume. This statistic saw it capture a sizable market share.
OpenSea’s success stems from its strategic pivot to incentivise user engagement. Unlike Blur, OpenSea introduced XP shipments to reward early adopters and long-term holders of high-volume NFT collections.
Moreover, its user-friendly interface and support for diverse file formats continue to attract both retail and professional traders.
Consequently, OpenSea’s ability to adapt to market dynamics has solidified its position, even as the broader NFT market contracts.
Nevertheless, challenges remain, as OpenSea’s trading volume in May 2025 was only $77 million. This is a stark contrast to its $4.8 billion peak in January 2022.
BLUR token impacted massively after low trading volume
The decline in the NFT marketplace’s trading volume has directly impacted its native BLUR token. Over the past 12 months, BLUR has seen significant value erosion.
Following Blur’s airdrop in February 2023, the BLUR token initially soared, reaching millions of dollars in trading volume in less than 24 hours. This led to the token reaching an all-time high (ATH) price of $45.98 on February 13, 2023.
However, as Blur’s market share dwindled, the token’s value plummeted, reflecting investor scepticism.
By May 2025, the token’s decline aligned with Blur’s loss of market leadership to OpenSea. As of publication, BLUR trades for about $0.09, a 99% plunge from its peak price.
This volatility highlights the risks tied to marketplace-specific tokens. Unlike diversified cryptocurrencies, the BLUR token’s value is closely tied to Blur’s platform performance.
As trading volume falters, investor confidence wanes, leading to a sharp sell-off. Consequently, the BLUR token’s struggles serve as a cautionary tale for investors banking on platform-driven tokens in a volatile market.
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NFT marketplace: Are NFTs still worth the hype in 2025?
Despite the NFT market’s decline to $140 million in trading volume, the question remains: are NFTs still worth the hype?
On one hand, the underlying blockchain technology offers undeniable benefits. Verifiable ownership and immutability are features that could drive future innovations.
Despite the bearishness of the market, platforms like OpenSea NFT marketplace demonstrate resilience by adapting to market shifts. Emerging use cases, such as Bitcoin Ordinals, and future collections with real use cases suggest potential for future growth.
What’s more, global NFT market sales have surpassed $70 billion. While the majority of this statistic came from the top 10 NFT collections, others have also made substantial contributions in their small way.
However, the market’s volatility, driven by speculative hype and inorganic trading, poses significant risks.
Ultimately, while NFTs retain potential for niche applications, their speculative nature and diminished trading volumes suggest that only informed, risk-tolerant investors should consider them in 2025.
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Conclusion: Should you buy NFTs in 2025?
In conclusion, the NFT market’s plunge to $140 million in trading volume reflects a broader recalibration of investor expectations. NFT marketplace OpenSea’s resurgence and Blur’s decline highlight the competitive dynamics at play. BLUR token’s fall also underscores the risks of platform-specific investments. As the market evolves, NFTs may still hold value for those who navigate its complexities strategically.
Always remember that NFTs still operate within the blockchain-based economy. As a result, invest in NFTs an amount of money you can write off as bad debt due to their highly volatile nature.
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