The global non-fungible token market is experiencing yet another bear market season, which began sometime in November. In response to this downturn, trading has slowed, and many people appear to have shifted their attention to other markets. That doesn’t mean traders are done taking risks. Nonetheless, the attention has gone back to memecoins, especially those built on Solana [SOL].
NFT Market Meltdown Explained
Data compiled by tiexo.com, a multi-chain non-fungible token explorer, indicates that overall NFT activity has decreased gradually, with few spikes and a flat trading pattern across various NFT marketplaces. The NFT market share has become increasingly concentrated, with OpenSea and Blur accounting for the majority of total trading volume, while smaller NFT platforms are losing relevance.
In the past 30 days, OpenSea, the largest trading platform in terms of trading sales volume, has generated a trading sales volume of $73 million, accounting for 53% of the total trading sales volume across the five top NFT marketplaces. Blur, a specialized Ethereum-based NFT marketplace and aggregator designed for professional traders, offering advanced analytics, fast NFT sweeping, and zero marketplace fees, ranks second with a trading sales volume of $30 million.
Magic Eden, a leading multi-chain NFT marketplace and Web3 platform that enables users to buy, sell, mint, and trade digital assets across Solana, Bitcoin, Ethereum, and Polygon, ranks third in December, with $18 million. CryptoPunks, an NFT market dedicated to CryptoPunks NFT collections, and Tensor, the leading NFT marketplace on Solana, rank fourth and fifth, with $10 million and $2.23 million.
On the other hand, the leading NFT collection have seen their floor price plunge in December. Mutant Ape Yacht Club, an NFT collection from the digital asset firm Yuga Labs, is the most impacted NFT collection amid the NFT winter. Over the past 30 days, the Mutant NFT collection has seen its floor price decline by 30% to 0.59 ETH. Lil Pudgy is the second most impacted NFT, with its NFT floor price plunging +34% to 0.46 ETH.
source: nftpricefloor.com
During the ongoing NFT winter, Moonbirds, an NFT collection previously from the digital asset firm Proof Collective but now managed by Orange Cap Games, has also seen its floor price fall. In the past 30 days, the Moonbirds NFT floor price has shrunk by 21% to 1.45 ETH. Other NFT collections that have seen their floor price drop include CryptoPunks, Bored Ape Yacht Club, and Pudgy Penguins.
Other blue-chip NFT collections, such as the Azuki, Chimpers, Bitcoin Puppets, Good Vibes Club, Milady Maker, Doodles, and NodeMonkes, have seen their floor price value plunge by +20% in December 2025. Compared to other months, many NFTs are definitely losing momentum, and they are no longer at the center of the spotlight. It’s true that the NFT market is not dead. But where have NFT traders shifted their attention to?
NFT Traders Have Shifted To Memecoins
Data from CoinMarketCap shows a consistent volume across the largest memecoins. Big names like Dogecoin [DOGE], Shiba Inu [SHIB], and Pepe [PEPE] are proof. Despite the crypto meltdown, their numbers are astounding. Newer entrants are also experiencing strong daily trading activity. Many of the most actively traded tokens over the past week are either native to Solana or heavily traded on it.
Data further reveal that other Solana-based memecoins post high volume despite smaller market caps. They’re frequently traded rather than held long-term. Moreover, low transaction fees and fast settlement make it easier for traders to enter and exit positions quickly. This keeps activity elevated. This may have been what led to the quick attention from NFTs. Traders are seeking markets that allow them to move quickly and step away with short gains as quickly as possible.
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