NFT Market 97% Below Peak: Ethereum Leads as Small Trades Take Over
By Darren Smith
November 4, 2026
The non-fungible token market entered early November with fresh evidence of contraction in dollar volume even as the number of people trading continued to climb. According to CryptoSlam data published on November 3, weekly NFT sales across tracked blockchains fell 44 percent to $37.69 million. At the same time, the tally recorded 895,258 transactions, a 4.5 percent increase from the prior week. Buyer addresses rose 37 percent to 243,994 and seller addresses increased 36 percent to 219,788. The divergence between falling sales value and rising participation has become a defining feature of the current cycle, as reported by TokenPost and EconoTimes.
Ethereum maintained its position as the leading network by sales volume, generating $13.13 million, down 14 percent from the previous week, with 36,375 buyers. Polygon ranked second at $9.38 million, up 4.01 percent, supported by 53,451 buyers. Bitcoin placed third with $4.46 million after an 85 percent decline, while Base posted one of the stronger performances with $1.96 million, a 31 percent gain. Additional rankings from the same CryptoSlam snapshot showed BNB Chain at $3.09 million, Immutable at $2.30 million, and Solana at $1.28 million. These figures illustrate how activity has fragmented across multiple chains even as overall dollar totals remain well below levels seen earlier in the year.
Among individual collections, Courtyard led weekly sales with $8.54 million, up 4.37 percent. The Polygon-based project, which tokenizes physical trading cards held in vaults, has repeatedly topped collection rankings in recent weeks, accounting for a substantial share of Polygon volume. A single Bitcoin BRC-20 NFT sale of approximately $2.82 million ranked as the highest-priced transaction in the period. Other notable sales included a Uniswap V3 Positions NFT near $1 million and a Bored Ape Yacht Club piece at roughly $203,000. Average transaction sizes have continued to decline, reflecting a shift toward smaller deals amid higher overall activity counts.
The longer-term picture remains one of significant contraction relative to the 2021-2022 peak. CryptoSlam data cited in recent analyses showed October 2026 sales around $181.6 million, part of a year-to-date total near $2.15 billion through early November. That stands in sharp contrast to the $6.05 billion recorded in January 2022 alone. Blue-chip floor prices have also retreated substantially; as of early November, CryptoPunks traded near 30 ETH and Bored Apes around 5-6 ETH according to market trackers. A November 3 report from Blockchain Reporter noted that the market sits roughly 97 percent below its all-time peak in dollar terms while still supporting ongoing activity in blue-chip collections, tokenized trading cards, and certain utility applications.
Marketplace dynamics continue to evolve under these conditions. Blur, once the dominant Ethereum NFT marketplace that captured more than 70 percent of volume in early 2023 with monthly trading near $1.43 billion, is scheduled to shut down its website frontend on November 12, 2026. Its Blend lending service will stop matching new loans on the same date. The platform’s monthly volume had already fallen below $7 million by March 2026, a drop exceeding 99.5 percent from the peak, according to coverage from CoinDesk and The Block. Smart contracts remain operational on Ethereum, and BLUR token holders retain control of the fee switch. The announcement followed the earlier wind-down of Blast, a related Layer 2 project from the same founding team.
“NFTs will still exist, but it will be a niche collectible market. This doesn’t mean there cannot be booms here and there, but certainly not take off as people had imagined in the past,” said Ben Charoenwong, associate professor of finance at INSEAD, in comments reported on November 4.
Other observers have highlighted both residual activity and structural challenges. Sunil Raina, CEO of Cerebree, noted that many NFTs were created without lasting utility. At the same time, tokenized physical assets and certain gaming or ticketing applications continue to generate consistent if modest volume. Key participation metrics from the latest weekly report include:
- Transactions: 895,258 (+4.5 percent)
- Unique buyers: 243,994 (+37 percent)
- Unique sellers: 219,788 (+36 percent)
- Ethereum share of sales: approximately 35 percent of the $37.69 million total
A summary table of leading blockchains from the November 3 CryptoSlam data illustrates the current distribution:
| Blockchain | Weekly Sales | Change | Buyers |
|---|---|---|---|
| Ethereum | $13.13 million | -14% | 36,375 |
| Polygon | $9.38 million | +4.01% | 53,451 |
| Bitcoin | $4.46 million | -85% | 14,943 |
| Base | $1.96 million | +31% | 2,662 |
| Solana | $1.28 million | -3.37% | 65,807 |
Security incidents have also affected platforms. Talis Protocol paused NFT listings after an exploit that reportedly involved approximately 5,700 NFTs held in escrow, with more than 26,000 items later returned to owners, according to TokenPost coverage from early November. Meanwhile, projects such as Pudgy Penguins have continued community-focused initiatives, including limited claims for related collectibles.
Market-cap snapshots from sector trackers have shown NFTs posting occasional short-term gains amid broader crypto moves. One early November reading placed the NFT category near $4.72 billion in market capitalization with elevated volume on certain days, though these figures fluctuate with underlying cryptocurrency prices, particularly Ether. Blue-chip collections still account for a larger share of trading volume than they did during the height of the speculative cycle, as users have shifted emphasis toward established names rather than new launches.
Additional context from late October and early November reports, including those from KuCoin and WikiBit, confirmed a pattern of successive weekly declines in dollar volume—from roughly $42.13 million in the prior period to the latest $37.69 million—while transaction counts and unique addresses moved higher. This suggests that more participants are completing smaller trades rather than large speculative purchases. Courtyard’s consistent leadership among collections underscores the relative strength of tokenized physical goods compared with pure digital art or profile-picture projects in the current environment.
Analysts tracking the space have pointed to the broader reduction in available trading venues. Beyond Blur’s impending frontend closure, other platforms have narrowed their chain support or exited entirely in 2026. The result is a smaller but still active market in which Ethereum continues to lead by sales value, Layer 2 networks such as Base show selective growth, and specialized collections tied to real-world assets maintain relevance. As of November 5, the data indicate that participation metrics remain elevated relative to recent weeks even as the dollar value of the market continues to reflect the multi-year drawdown from peak levels.
Further details on collection rankings and individual high-value sales can be found in the full CryptoSlam tallies referenced across TokenPost, EconoTimes, and related market reports. The combination of higher address activity, lower average sale sizes, and selective strength in tokenized collectibles defines the NFT landscape on this date.
Disclaimer: This article is provided for informational and educational purposes only. It does not constitute financial, investment, legal, or trading advice. The NFT market is highly volatile, and past performance is not indicative of future results. Readers should conduct their own research and consult qualified professionals before making any decisions related to digital assets. The cover image for this article may have been created using artificial intelligence (AI).
