The worldwide non-fungible token market is experiencing one more bear market season, which started someday in November. In response to this downturn, buying and selling has slowed, and many individuals seem to have shifted their consideration to different markets. That doesn’t imply merchants are finished taking dangers. Nonetheless, the eye has gone again to memecoins, particularly these constructed on Solana [SOL].
NFT Market Meltdown Defined
Knowledge compiled by tiexo.com, a multi-chain non-fungible token explorer, signifies that total NFT exercise has decreased regularly, with few spikes and a flat buying and selling sample throughout varied NFT marketplaces. The NFT market share has turn into more and more concentrated, with OpenSea and Blur accounting for almost all of whole buying and selling quantity, whereas smaller NFT platforms are shedding relevance.
Up to now 30 days, OpenSea, the biggest buying and selling platform by way of buying and selling gross sales quantity, has generated a buying and selling gross sales quantity of $73 million, accounting for 53% of the full buying and selling gross sales quantity throughout the 5 high NFT marketplaces. Blur, a specialised Ethereum-based NFT market and aggregator designed for skilled merchants, providing superior analytics, quick NFT sweeping, and nil market charges, ranks second with a buying and selling gross sales quantity of $30 million.
Magic Eden, a number one multi-chain NFT market and Web3 platform that permits customers to purchase, promote, mint, and commerce digital property throughout Solana, Bitcoin, Ethereum, and Polygon, ranks third in December, with $18 million. CryptoPunks, an NFT market devoted to CryptoPunks NFT collections, and Tensor, the main NFT market on Solana, rank fourth and fifth, with $10 million and $2.23 million.
Alternatively, the main NFT assortment have seen their ground worth plunge in December. Mutant Ape Yacht Membership, an NFT assortment from the digital asset agency Yuga Labs, is probably the most impacted NFT assortment amid the NFT winter. Over the previous 30 days, the Mutant NFT assortment has seen its ground worth decline by 30% to 0.59 ETH. Lil Pudgy is the second most impacted NFT, with its NFT ground worth plunging +34% to 0.46 ETH.
supply: nftpricefloor.com
In the course of the ongoing NFT winter, Moonbirds, an NFT assortment beforehand from the digital asset agency Proof Collective however now managed by Orange Cap Video games, has additionally seen its ground worth fall. Up to now 30 days, the Moonbirds NFT ground worth has shrunk by 21% to 1.45 ETH. Different NFT collections which have seen their ground worth drop embody CryptoPunks, Bored Ape Yacht Membership, and Pudgy Penguins.
Different blue-chip NFT collections, such because the Azuki, Chimpers, Bitcoin Puppets, Good Vibes Membership, Milady Maker, Doodles, and NodeMonkes, have seen their ground worth worth plunge by +20% in December 2025. In comparison with different months, many NFTs are positively shedding momentum, and they’re not on the middle of the highlight. It’s true that the NFT market will not be useless. However the place have NFT merchants shifted their consideration to?
NFT Merchants Have Shifted To Memecoins
Knowledge from CoinMarketCap exhibits a constant quantity throughout the biggest memecoins. Massive names like Dogecoin [DOGE], Shiba Inu [SHIB], and Pepe [PEPE] are proof. Regardless of the crypto meltdown, their numbers are astounding. Newer entrants are additionally experiencing robust each day buying and selling exercise. Most of the most actively traded tokens over the previous week are both native to Solana or closely traded on it.
Knowledge additional reveal that different Solana-based memecoins submit excessive quantity regardless of smaller market caps. They’re ceaselessly traded slightly than held long-term. Furthermore, low transaction charges and quick settlement make it simpler for merchants to enter and exit positions shortly. This retains exercise elevated. This will likely have been what led to the short consideration from NFTs. Merchants are looking for markets that enable them to maneuver shortly and step away with quick positive aspects as shortly as doable.
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