NFTs are showing signs of life in 2025, with May marking the first monthly sales increase this year after five consecutive months of decline. According to new data from CryptoSlam, NFT sales rose to $430 million, up 15% from April’s $373 million, suggesting renewed market interest in digital collectibles.
NFT Buyer Surge Signals Demand Rebound
One of the most striking data points: unique NFT buyers surged by 50% in May, jumping to 936,000 from 622,000 the previous month. This represents the highest number of NFT buyers since October 2024, and underscores growing retail investor engagement.
In contrast, NFT sellers dropped to just 284,600 — the lowest level since April 2021, according to CryptoSlam. This divergence between rising demand and falling supply could create a more competitive bidding environment, potentially lifting floor prices across popular collections.
Sales Volume and Transactions Spike
May wasn’t just about more buyers — it also delivered the highest number of NFT transactions in 2025, totaling 5.5 million trades. This activity bump follows a long cooldown that began after sales peaked at over $900 million in December 2024.
The renewed momentum could indicate a cyclical rebound, especially if broader crypto markets continue to perform well.
Strategists Eye Gradual Recovery, Not 2021 Euphoria
Despite the uptick, experts caution against expecting a return to the parabolic growth seen in 2021–2022.
“The NFT market will see a bounce back this year, probably just after BTC sees its top of the cycle,” said CryptoSlam strategist Yehudah Petscher in a comment to Cointelegraph.
“But don’t expect a repeat of the 21/22 euphoria that we saw in NFTs.”
Instead, Petscher and others believe the recovery will be more sustainable, driven by ecosystem maturation, real-world utility, and integration with broader DeFi and RWA (real-world asset) trends.
Real-World Assets (RWA) Could Be Key Catalyst
According to DappRadar analyst Sara Gherghelas, NFTs tied to real-world assets may revive demand in areas like lending and utility-based NFTs.
In April, Polygon-based RWA NFTs on Courtyard helped drive $22.3 million in sales, even outpacing Ethereum in weekly NFT volume. These signs suggest RWA-linked NFTs could form a key pillar of the next wave of NFT adoption.
Conclusion: NFTs May Be Poised for a Smart Rebound
The combination of rising buyer interest, shrinking seller supply, and new real-world use cases suggests the NFT market is positioning for a potential Q3/Q4 resurgence — albeit with more tempered, utility-focused growth.