2026-01-06 09:26:03

NFTs do not suddenly crash at a specific moment. They are more like being gradually abandoned by the market over a sufficiently long downward cycle, losing the once-held illusions bit by bit.

In early January this year, the NFT developer conference originally scheduled to be held in Paris in February was forced to be canceled. The organizers' statement was straightforward: "The drastic changes in the market have dealt us a huge blow. Even with frantic cost-cutting, we cannot continue."

This creates a stark contrast. Do you remember five years ago? Digital artist Beeple's "Everydays: The First 5000 Days" sold at Christie's for $69.3 million, setting a record for digital art auctions. Afterwards, CryptoPunks often sold for tens of millions of dollars, and countless major institutions rushed in to issue digital collectibles. At that time, the hype around NFTs was unstoppable.

Five years later, an industry has gone from frenzy to liquidation.

**Severe Imbalance Between Market Supply and Demand**

Data reflects the real predicament. According to on-chain statistics, the supply of NFTs in 2025 increased by 35% compared to 2024, and this growth is still continuing. Looking back over the past four years with a broader perspective, the total circulating supply of NFTs skyrocketed from 38 million to 1.34 billion—an explosive increase in supply, but demand has not expanded accordingly.

Oversupply and insufficient buying interest are the most authentic portrayals of the current NFT market. The once-glamorous high-priced transactions are gradually fading, leaving behind a market that needs to find its new positioning.

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ColdWalletGuardian

· 01-07 03:41

$69 million back then was really crazy. Now, with supply reaching 1.34 billion tokens and still no buyers, it's hilarious. NFTs are self-destructive; the explosion in supply hasn't kept up with demand. Who can handle that? From $69 million to now, five years is enough to make people sober, but it's also enough to wipe out the chives. The conference has been canceled, indicating that the situation is indeed serious. This wave of cleanup probably isn't over yet. What’s the current status of that Beeple deal? I bet five bucks it’s already been cut in half. Supply and demand imbalance is a vicious cycle; the more it falls, the fewer people buy, and the fewer buyers, the more it dies. It’s not a sudden collapse; it’s a gradual forgetting, which is even more terrifying.

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GateUser-2fce706c

· 01-06 09:56

I've always said that this wave of NFTs is a game of musical chairs. Only now do we see the supply and demand imbalance clearly... Friends, the opportunity is not to be missed. The real chance lies in Web3 infrastructure. --- Supply is 1.34 billion tokens vs. demand hitting bottom. This is the best signal for bottom-fishing. We must seize the trend. --- Five years from peak to trough, but someone is quietly positioning at the bottom. The first-mover advantage is always the key to wealth. --- Others are fearful while I am greedy. I predicted this correction three years ago, and now the data fully confirms it. --- Understand the essence: explosive supply indicates ecosystem expansion, and demand lag is temporary. The high ground must be seized. --- This is just like questioning the internet back then; the pattern determines the future, brother.

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GweiWatcher

· 01-06 09:54

Supply has surged but demand can't keep up. To put it simply, the hype from back then has been overextended. The bubble was blown too big and was bound to burst. NFT, in this wave, should have recognized reality long ago. Really? 1.34 billion in circulation. This data makes me wonder how it can still rebound. Once high-priced artworks probably aren't wanted anymore. LOL. Imbalance between supply and demand is just a signal that the whales should withdraw after harvesting the retail investors. From peak to clearing in five years, this is the fate of crypto. Buyers evaporate and supply doubles, which is basically a straight plunge. The most heartbreaking thing was the forced cancellation of the Paris Conference. The industry is really gone.

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degenonymous

· 01-06 09:49

Honestly, the $69.3 million that Beeple made still sounds outrageous when I think about it now. How did it become a thing of the past so quickly? Supply is skyrocketing while demand hasn't kept up. This script should have been obvious from the start—whoever believes it is just being naive. Five years, man. From being the chosen one to worthless paper. The number of people who got cut during this wave probably can't be counted. Can't even hold up at the Developer Conference? That must be despairing, really. NFTs' sky-high transactions now seem like illusions. What are the buyers doing now? Isn't this just a story of the supply side outputting wildly while the demand side hasn't caught up? There are 13.4 billion tokens in circulation. Just hearing this number gives me a headache—no wonder no one wants them anymore. Feels like the big institutions that entered back then are now just cutting losses, right? The moment the market finally gives up on illusions is always the most heartbreaking. From $69.3 million to today, I just want to know what price those CryptoPunks are listed at now.

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WalletAnxietyPatient

· 01-06 09:36

Huh, the supply skyrocketed by 35% but the buying volume didn't keep up. Isn't this a classic case of shooting oneself in the foot? From a frenzy of $690,000 five years ago to now being forced to cancel the conference—laugh out loud. This stark contrast should be written into a textbook case. Where are those people who once hyped up sky-high art pieces now? It's another bubble bursting story where the bubble pops itself. With a circulating supply of 1.34 billion tokens and demand only in the tens of millions, I can't figure out how to make money with this math problem. NFTs are like that—when the wind blows, everyone is a genius; when the wind stops, it's all a trap.

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BTCRetirementFund

· 01-06 09:34

Oh no, this is a classic bubble burst, falling from heaven to hell. The cake is still the same cake, but people's hearts have changed. Supply has surged, but demand hasn't kept up. What's the point of playing this game? The once sky-high prices have become jokes, and the tricks of harvesting retail investors have been exposed. After this wave, does anyone dare to take the plunge? Another hype cycle ends, everyone goes back to their own homes to find their moms. From 60 million to being ignored, five years can really change everything.

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HalfBuddhaMoney

· 01-06 09:33

Are NFTs still around these days? I thought no one was playing with them anymore, haha. Supply has skyrocketed while demand hasn't kept up, truly shooting oneself in the foot. Back when it was worth 69 million USD, it was really crazy. Thinking about it now, it was all just a bubble. How much is that Beeple painting worth now? Dare to say it out loud? We can't even hold meetings anymore. This is the reality. A bunch of tokens have increased in circulation by dozens of times. Where are the bagholders? From idolization to disillusionment in five years, fast forward king.

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Blockblind

· 01-06 09:32

Supply explosion, demand dead, this wave of NFTs is just suicidal issuance --- Beeple's $69.3 million sale really can't be recovered, now it's full of trash JPGs --- Fallen from heaven to hell in five years, shows that everything can reverse --- Data makes it clear: 35% growth with zero demand, who the hell still dares to buy in --- Developer conferences are canceled, yet still hoping for revival, time to wake up --- Once CryptoPunks traded for tens of millions, now they’ve become fan circle collectibles, hilarious --- Supply increased by 35 times, what about buyers? This is what market talk is about --- The rhetoric used for NFTs back then is no longer believed, it's time for reflection --- From Beeple to now, it feels like watching a large-scale scammer comedy show --- The market won't lie, the imbalance of supply and demand is unresolvable

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