Bitcoin and Ethereum NFT Transaction Volumes Decline to Multi-Month Lows in September

Executive Summary

Bitcoin and Ethereum non-fungible token (NFT) transaction volumes reached multi-month lows in September, according to CryptoSlam data, signaling a significant cooling in the digital collectibles market.

The Event in Detail

September 2025 witnessed a notable contraction in non-fungible token (NFT) trading activity across major blockchain networks. Bitcoin's on-chain NFT transaction volume amounted to approximately $43.8179 million, marking its lowest single-month record since May 2023. This figure represents a 35% decrease from the previous month for Bitcoin-based NFT series, with the fervor surrounding Bitcoin Ordinals particularly waning. Ordinals' sales volume plunged over 97% from its all-time high in May 2023, falling to as low as $3 million in mid-August, after registering $100 million in June and $35 million in July.

Similarly, Ethereum, which hosts a significant portion of blue-chip NFT collections, experienced a downturn. Ethereum on-chain NFT transaction volume in September was approximately $176 million, the lowest single-month volume recorded for the network in the third quarter of 2025. This volume for Ethereum-based NFTs represented a 54% decline from the previous month.

In contrast, Immutable, an Ethereum Layer-2 scaling solution, demonstrated resilience. It emerged as the fifth most traded blockchain in September, recording a trading sales volume of $32 million, an increase of 9.96% from the previous month.

Market Implications

The substantial drop in NFT trading volumes for both Bitcoin and Ethereum suggests a bearish trend for the digital collectibles market. This could lead to decreased developer interest in new NFT projects, contribute to lower valuations for existing collections, and indicate a general cooling in market enthusiasm. The performance also reflects broader economic conditions and investor sentiment impacting discretionary spending on digital assets. The decline in Bitcoin Ordinals activity further implies that this particular narrative might be losing momentum, while for Ethereum, it suggests a continued phase of market maturity and potential saturation within its NFT ecosystem.

Expert Commentary

Data provided by CryptoSlam, a leading multi-chain NFT data analytics platform, underpins these figures, offering comprehensive market intelligence and real-time sales tracking across various blockchain networks. The overall cryptocurrency market experienced a significant downturn in September 2025, often referred to as "Red September." Over $160 billion was wiped from the market capitalization within days, with Bitcoin falling below $111,000 and Ethereum dropping below $4,000. Analysts attribute this to factors such as a strong U.S. dollar, regulatory uncertainty, and large-scale liquidations totaling over $1.65 billion. This historical "September curse" for cryptocurrencies, combined with current macroeconomic factors, amplified the declines.

Broader Context

The current state of the NFT market reflects a prolonged period of adjustment following the highs of 2021 and 2022. The second quarter of 2025 saw overall NFT sales volume fall to $823 million, a stark decline from $4 billion in the same period of 2024, marking the fifth consecutive quarterly decline. Factors contributing to this include waning retail trader interest, high gas fees on Ethereum, dwindling media attention, and increasing skepticism regarding the long-term value proposition of NFTs. Despite the downturn, some analysts foresee a potential for recovery and gains in Q4 2025, driven by improving regulatory clarity and stabilizing macroeconomic conditions. Resilient collections, such as CryptoPunks and Bored Apes, continue to garner attention, suggesting a focus on established projects with strong communities. Solana's NFT market has also shown growth, nearing $6 billion in all-time sales, with $67 million in 30-day sales volume by October 2024, accounting for 19% of the overall market volume.