How NFT marketplaces adapted to survive in 2025

Source: PortaldoBitcoin Original Title: How NFT Companies Adapted to Survive in 2025 Original Link: https://portaldobitcoin.uol.com.br/como-as-empresas-de-nfts-se-adaptaram-para-sobreviver-em-2025/ The NFT craze is a distant memory in 2025. It was a time — in 2021 and early 2022 — when Beeple sold a JPEG for US$ 69.3 million, CryptoPunks traded for tens of millions, and celebrities frequented the Bored Ape Yacht Club.

The total market capitalization of NFTs fell 99% from its all-time high of US$ 184 billion in 2023, to just US$ 487 million. In this relatively bleak scenario, NFT marketplaces were forced to adapt, with industry giants expanding their offerings to include fully fungible tokens.

“This shift is largely a response to the structural slowdown in pure NFT activity and the need for marketplaces to stay relevant in a maturing digital asset ecosystem,” said James Butterfill, head of research at asset manager CoinShares.

“In this environment, a marketplace that once thrived on high-speed trading of profile picture collections now needs a broader economic base,” he added.

Platform Reconstruction and Expansion

In February this year, a major marketplace announced a “complete rebuild of its platform” to include token trading across different chains via its own decentralized exchange.

The new era of the platform enabled token trading on 19 blockchains with a new rewards system, which many speculate will play a role in launching a native token.

“The addition of tokens was not about analyzing the NFT market and changing course,” said an executive from the platform. “It’s an evolution of the company and an understanding of where things are heading. Tokens, digital collectibles, real-world tokenized assets, perps, prediction markets — whatever people are valuing online, we want them to be able to trade all of it.”

In October, the marketplace set a new volume record for its DEX, reaching US$ 2.41 billion in monthly volume. However, this exceptional month proved to be an anomaly, with monthly volumes dropping 75% to US$ 581.48 million in November.

These figures seem insignificant compared to industry leaders like certain top DEXs that generate tens of billions in monthly volume.

Magic Eden and the Token Strategy

Regarding another relevant marketplace, it acquired a memecoin trading app in April — a move that allowed entry into the world of token trading beyond NFTs.

The marketplace also offers token trading across multiple blockchains on its website and through its integrated wallet. However, the platform said that its expansion into token trading is not a major event.

“Token trading is not a primary focus nor does it represent a significant portion of our business,” said an executive. “This market is highly commoditized, with many wallets, trading apps, DEXs, and centralized exchanges serving the needs of users who want to trade tokens.”

Butterfill stated that, despite the discretion, the platform has been “more aggressive” regarding token trading integration — especially concerning engagement with Solana-based ecosystems and gaming.

“The changes allowed both platforms to stabilize engagement numbers and diversify fee revenue in a year when traditional NFT volumes remained low,” said Butterfill. “In this sense, the adaptations worked.”

NFTs as Entertainment

That said, one marketplace’s strategy is focusing on what it calls its “crypto entertainment” offerings — rather than token trading. The first of these is a platform that allows users to open virtual packs containing real-world assets, currently Pokémon cards.

“We have moved tens of millions in volume with Packs and have a big plan for the future of this product,” said an executive. “Packs are just the beginning of a much broader crypto entertainment ecosystem we are building.”

Part of this broader strategy includes launching a casino and sports betting house with cryptocurrencies, details of which are still minimal but will be a “new major product.” The platform aims to become the “world’s largest entertainment brand with cryptocurrencies.”

“In the broader context of digital assets, both platforms are establishing themselves as centers of cultural liquidity, acting as a link between creators, collectors, and token communities,” explained Butterfill. “Their success will depend on the continued expansion of these cultural economies and users considering them essential infrastructure rather than just optional interfaces.”