The NFT market did not迎来 "Christmas rally," and the market capitalization in 2025 hit a new annual low. According to CoinGecko data, the total market cap of NFTs in December dropped to $2.5 billion, a 72% decline from the peak of $9.2 billion in January. During this period, NFT sales activity remained sluggish, with weekly sales in the first three weeks of December failing to surpass $70 million, down from November levels. A decrease in market participants is the main reason for the decline in NFT sales. Meanwhile, the number of independent sellers also fell by 35.6%, dropping below 100,000 for the first time. Trading volume was also affected, with transaction volume in the third week of December falling to 800,000 transactions. (Cointelegraph)