NFT trading volume collapse The shutdown follows a broader trend of waning institutional interest in NFTs. Kraken recently shut down its own NFT marketplace, while LG Electronics has discontinued its NFT platform, LG Art Lab, after three years of activity. Data from blockchain analytics firm DappRadar shows that trading volumes for top NFT collections have plummeted more than 95% since the market’s peak in 2021. The number of active wallets engaging in NFT trades has fallen from over half a million to less than 20,000 as of 2025. Total NFT sales fell to $1.5 billion during the first quarter, down from $4.1 billion in the same period last year — a 63% year-over-year drop. Sales in March alone were down 76% compared to the prior year.