NFT Volumes Sink, But Ethereum and Polygon Still Dominate in 2026
By Darren Smith
November 8, 2026
The non-fungible token market entered early November 2026 with continued downward pressure on dollar volumes even as certain participation metrics showed resilience. According to data tracked by CryptoSlam, NFT sales across major blockchains totaled $32.05 million in the seven days ending around November 7, representing a 19.61 percent decline from the prior week. Buyer addresses rose 20.24 percent to 268,887 while transactions fell 11.64 percent to 787,901, underscoring a market where more participants engaged but average transaction values remained subdued near $40. Ethereum retained its position as the leading blockchain by sales, recording $12.82 million, up 5.80 percent week over week, while Polygon followed closely at $8.95 million. Together the two networks accounted for roughly two-thirds of tracked volume.
This latest weekly figure continues a pattern of contraction visible throughout the fall. Earlier in the period ending November 3, sales had already dropped 44 percent to $37.69 million, and the week ending around October 31 showed a 35.37 percent decline to $42.13 million. Monthly totals for October 2026 reached approximately $181.6 million according to CryptoSlam tallies cited in industry reporting, still far below historical peaks. September 2026 came in near $167 million. For context, the record monthly volume occurred in January 2022 at $6.05 billion; current levels sit roughly 97 percent lower. Year-to-date 2026 volume through early November stood near $2.15 billion, well under the $5.63 billion recorded for all of 2025.
Ethereum’s relative stability has been a recurring theme. Buyer addresses on the network rose nearly 13 percent in the most recent weekly snapshot, and blue-chip collections continue to concentrate activity there. Floor prices for long-standing projects remain well below prior highs: a CryptoPunk traded near 30.4 ETH (roughly $69,300 at prevailing rates) and a Bored Ape Yacht Club token near 5.65 ETH (around $12,900) as of early November. Bitcoin Ordinals and inscriptions have seen sharper volume swings, with one recent week showing an 85 percent drop after a prior spike. Base, Coinbase’s Layer 2, posted one of the stronger percentage gains, climbing nearly 30 percent to about $1.95 million and ranking fifth among chains.
Physical-backed and utility-oriented collections have captured a disproportionate share of remaining volume. Courtyard, which tokenizes graded trading cards, sneakers, watches, coins, and comics on Polygon, led all collections with $8.18 million in the latest week—roughly one-quarter of total sales—and more than 147,000 transactions. The platform vaults physical items, mints corresponding NFTs that represent ownership under its terms, and allows holders to trade, hold insured, or redeem and ship. Its “vending machine” style digital packs offer published odds and instant buyback options, blending the thrill of ripping packs with on-chain liquidity. Other active segments include gaming assets on Immutable, select Solana collections, and ticketing or loyalty experiments, though none match Courtyard’s recent dominance.
Marketplace consolidation has accelerated. Blur, once the largest Ethereum NFT venue by volume after capturing more than 70 percent of activity in March 2023, announced that its frontend will go offline on November 12, 2026. Its on-chain marketplace contracts remain operational and the BLUR token continues to control the fee switch, but the Blend lending service will stop matching new loans on the same date. Monthly volume on the platform had collapsed from approximately $1.43 billion at peak to under $7 million. The move follows earlier exits or contractions by Nifty Gateway, Binance’s centralized NFT service, Magic Eden’s non-Solana offerings, and others. Of 56 early marketplaces launched between 2017 and 2023, only about 21 remain actively trading as of October 2026, with an average lifespan of roughly 3.9 years for those that closed.
OpenSea has pursued a different path. The platform expanded multi-chain support to more than 25 networks, including Solana NFTs since late August, and launched a mobile app in October 2026. It has also integrated additional chains such as Arc. However, OpenSea delayed the launch of its native SEA token, originally targeted for March, citing challenging market conditions. In a post on X, CEO Devin Finzer noted that the token would launch only once and that current conditions were not optimal. Data shows the platform has generated substantial token trading volume alongside NFTs in recent months.
“Have NFTs remained popular among wealthy collectors? Yes, of course. I’m a big collector myself, and I share similar insights with my peers in this space. It’s a community. A Picasso collector, for instance, would have an affinity towards all the other people who collect Picassos; you’re kind of part of that club. It’s also true for Ferraris, Lamborghinis or Rolex watches. This is just a digital version.”
— Yat Siu, Co-founder and Executive Chairman, Animoca Brands (interview remarks, January 2026)
Siu has repeatedly stated that long-term holders focused on cultural and social value, rather than short-term flips, continue to support the market even as overall dollar volumes remain modest. His own portfolio is reportedly down significantly from peaks, yet he frames the assets as long-term stores of digital property rights.
The following table summarizes recent weekly NFT sales tracked by CryptoSlam:
| Period Ending | Total Sales | Change | Leading Chain | Notes |
|---|---|---|---|---|
| ~Nov 7, 2026 | $32.05 million | -19.61% | Ethereum ($12.82M) | Buyers up 20% |
| ~Nov 3, 2026 | $37.69 million | -44% | Ethereum ($13.13M) | Base +31% |
| ~Oct 31, 2026 | $42.13 million | -35.37% | Ethereum ($13.17M) | Transactions up |
Key observations from the latest data include:
- Buyer and seller address counts have frequently risen even when dollar volume fell, indicating broader but lower-value participation.
- Average sale values have compressed, often landing between $40 and $50.
- Ethereum and Polygon continue to dominate combined share.
- Physical-backed collections such as Courtyard have proven more resilient than pure digital profile-picture projects from the 2021–2022 cycle.
- Regulatory frameworks such as Europe’s MiCA have reduced purely speculative activity while supporting compliant utility use cases.
Broader cryptocurrency conditions provide context. Bitcoin traded near $76,000 and Ethereum near $2,245 in early November snapshots, with total crypto market capitalization around $2.65 trillion. NFT performance has not decoupled from the wider cycle; periods of stronger crypto sentiment have occasionally produced short-lived NFT volume spikes, yet none have approached prior cycle highs.
Looking ahead, the market appears to have settled into a narrower, more specialized form. Pure speculative profile-picture trading has largely receded, while tokenized real-world collectibles, in-game assets, and experimental identity or loyalty applications retain pockets of activity. OpenSea’s multi-chain expansion and Courtyard’s physical-asset model illustrate two surviving strategies: aggregation of existing liquidity and creation of new utility that bridges digital ownership with tangible goods. Whether monthly volumes stabilize near the $150–200 million range or face further compression will depend on overall crypto market conditions, continued platform reliability after exits such as Blur’s frontend shutdown, and the ability of remaining collections to demonstrate ongoing engagement beyond secondary trading.
Industry observers note that the technology of unique on-chain ownership has not disappeared even as the speculative layer has contracted sharply. Projects that combine clear utility, transparent provenance, and active communities have shown greater durability. Data from OpenSea, Courtyard, and independent trackers such as DappRadar and CoinGecko will remain essential for monitoring whether the current equilibrium holds or shifts further in the weeks ahead. Reports from The Block and CoinDesk continue to document the structural changes underway across marketplaces and collections.
The path from the multi-billion-dollar peaks of 2021–2022 to today’s tens-of-millions weekly environment reflects both the exhaustion of speculative excess and the gradual emergence of more focused applications. As of early November 2026, the NFT market is smaller, more concentrated, and increasingly oriented toward assets with real-world or functional linkages rather than pure digital scarcity alone.
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).
