House of Cards: NFT industry braces for impact as activity slows, marketplaces collapse

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

As the crypto market prepares for turbulence amid the tariff wars, the NFT market seems to be in a worse position.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

The once-hyped world of non-fungible tokens, which analysts once boldly projected could balloon to over $264 billion by 2032, now seems to be limping along. Weekly trading volumes have been falling like dominoes for weeks, scaring off capital and dragging the market back to levels not seen since its explosive 2020 debut.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Blockchain analytics firm DappRadar shows that trading volumes in 2021 were riding high, hitting nearly $3 billion. Fast-forward to the first quarter of 2025. That figure has nosedived 93% to just $23.8 million as “active traders have vanished,” blockchain analyst Sara Gherghelas noted.