NFTs are coming back but Blue Chip projects are on life support

NFT trading activity showed signs of life in Q3 2025, with volume nearly doubling to $1.58 billion and sales reaching an all-time high of 18.1 million, signaling a shift away from speculative art toward utility-driven assets like sports NFTs, loyalty programs, and cheaper blockchain rails.

The market reset was driven by technological upgrades: Ethereum's Dencun upgrade drastically cut L2 data costs, enabling gasless mints on rails like Base; Solana's compression made mass issuance affordable; and Bitcoin inscriptions matured. This shift favors distribution and user experience, with embedded wallets and sponsored fees reducing onboarding friction, particularly on Base, which is leveraging social funnels.

Conversely, Blue Chip projects are struggling; for example, a Bored Ape Yacht Club NFT dropped 87% in value since 2021. Creator royalties have collapsed, forcing creators to rely on primary sales, IP licensing, and contractual enforcement in premium venues. The future roadmap points toward scaling utility in sports, ticketing, gaming, and IP integration, suggesting the JPEG speculation era is over, but the underlying technology's utility is gaining traction.

(Source：CryptoSlate)