NFT Sales Sink to Multi‑Year Lows, But Ethereum Still Dominates
By Darren Smith
November 9, 2026
The non-fungible token market recorded its weakest weekly performance in nearly six years on November 9, 2026, with total sales falling to $26.24 million according to data from CryptoSlam. This marks the lowest weekly volume since the week of January 11, 2021, when sales stood at $16.32 million. Buyer addresses dropped to 62,179 and seller addresses to 46,293, levels last seen around early February 2021. The sharp contraction comes just days before the Blur marketplace is scheduled to take its website frontend offline on November 12, underscoring a broader industry consolidation that has left only 21 of 56 early NFT marketplaces still actively trading.
Ethereum continues to dominate on-chain activity, capturing the largest share of sales volume even as overall dollar figures decline. Recent seven-day snapshots from CryptoSlam showed Ethereum generating roughly $12.82 million in one reporting window ending around November 7, representing a modest weekly increase of 5.80 percent while the broader market fell nearly 20 percent to $32.05 million in the prior period. Base, the Ethereum Layer 2 network, posted consistent gains, rising more than 29 percent in successive weekly tallies to approach $2 million. Polygon and Bitcoin Ordinals retained secondary positions, though Bitcoin NFT volume has proven volatile, swinging from multi-million-dollar weeks to sharp declines. Average transaction values have compressed significantly, reflecting a shift toward smaller, more frequent trades rather than the high-value speculative flips that defined the 2021–2022 peak.
Collection rankings highlight the growing importance of tokenized physical and hybrid assets. Courtyard, which tokenizes graded trading cards and other collectibles, repeatedly led weekly sales with figures between $8.18 million and $8.58 million, accounting for roughly one-quarter of global volume in recent periods. Traditional blue-chip digital collections such as Bored Ape Yacht Club and CryptoPunks remain active but no longer drive the majority of dollar volume. A single high-profile sale of Bored Ape #32 for 12.5 ETH, valued at approximately $28,000 on OpenSea, illustrated both residual liquidity in legacy collections and the scale of realized losses for long-term holders.
Marketplace infrastructure has undergone severe attrition. An October analysis documented that only 21 of 56 notable marketplaces launched between 2017 and 2023 remain operational, with closed platforms averaging a 3.9-year lifespan. Binance NFT, Nifty Gateway, and several others have already exited. Blur’s decision to retire its blur.io frontend while leaving the on-chain protocol and Blend lending contracts intact removes a major zero-fee venue that once captured 40–45 percent of Ethereum NFT volume. OpenSea has reasserted leadership on Ethereum and expanded multi-chain support, including a return to Solana NFTs after a multi-year absence. Magic Eden has narrowed its focus primarily to Solana, while Tensor competes on that chain with lower fees and token incentives. Survivors emphasize lower costs, multi-chain access, and tools for both casual collectors and professional traders.
Key weekly sales snapshots from CryptoSlam data:
| Period Ending | Total Sales | Ethereum Share | Leading Collection | Notable Change |
|---|---|---|---|---|
| Nov 3, 2026 | $37.69M | ~$13.13M | Courtyard | −44% overall |
| Nov 7, 2026 | $32.05M | $12.82M | Courtyard ($8.18M) | −19.61% |
| Nov 9, 2026 | $26.24M | Leading | Tokenized cards | Multi-year low |
Whale activity has amplified the narrative of forced selling. Jeffrey Huang, known as Machi Big Brother, liquidated multiple Bored Ape Yacht Club NFTs in rapid succession. Onchain monitoring recorded the sale of six BAYC tokens (#701, #4898, #6072, #250, #1297, and #4942) for approximately $83,900 over a 15-hour window ending November 9. Earlier disposals of three additional Apes realized a combined loss of 155.5 ETH, or roughly $246,000 relative to acquisition costs. Huang has also faced liquidations on leveraged Ether positions on Hyperliquid, linking NFT sales directly to funding trading activity. Such moves demonstrate residual liquidity for blue-chip assets but also the pressure on large holders amid broader market weakness.
“The foundation of NFTs is strong. NFTs are inevitable.”
— CryptoSlam, November 9, 2026 statement accompanying the multi-year volume low
Despite depressed dollar volumes, participation metrics occasionally diverge. Buyer and seller address counts have risen in some recent weeks even as total sales fell, indicating a larger number of smaller participants. Monthly figures for September 2026 stood at $167.2 million, down 91 percent from the December 2023 peak and more than 97 percent from the January 2022 high of roughly $6 billion. Annual 2026 volume through early October tracked near $2 billion, continuing the multi-year decline from $23.84 billion in 2022. DefiLlama chain-level data shows a similar trajectory, with June 2026 marking a trough before a modest September rebound.
Industry observers note a structural transformation rather than outright extinction. Tokenized real-world assets, gaming inventory with on-chain utility, loyalty programs, and hybrid physical-digital products such as Pudgy Penguins merchandise available at major retailers have absorbed a greater share of remaining activity. European MiCA regulation has imposed clearer compliance requirements on platforms that continue to operate, reducing pure speculation while supporting applications tied to ticketing, identity, and brand licensing. Yuga Labs has expanded into Solana-based trading cards linked to Bored Ape and Mutant Ape ownership, allowing holders to claim physical packs through early 2027.
Surviving platforms and use cases include:
- OpenSea and its multi-chain Drops tools supporting more than two dozen networks
- Magic Eden and Tensor focused on Solana liquidity
- SuperRare, Rarible, and Ordinals-specific wallets for specialized art and Bitcoin-based assets
- Hybrid platforms linking NFTs to graded cards, toys, and apparel
Average sale values have fallen from hundreds of dollars in the boom years to well under $100 in 2026, according to multi-year CryptoSlam aggregates. This compression favors accessibility for new collectors while reducing the incentive for high-frequency speculative trading. Floor prices for established collections such as Bored Apes and Pudgy Penguins remain well below cycle highs, yet secondary-market activity and brand extensions persist.
The November 9 volume print arrives against a backdrop of ongoing marketplace exits and leveraged liquidations. Whether the multi-year low represents a final washout or the base for a narrower, utility-focused market will depend on continued development of real-world integrations and the ability of remaining platforms to retain liquidity after Blur’s frontend closure. For now, the data show a market that is smaller, more concentrated, and increasingly oriented toward assets with tangible or brand-linked utility rather than pure digital scarcity.
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).
