The global NFT market has experienced a significant downturn, with November 2025 sales plummeting to $320 million, marking a 50% decrease from October. This decline has contributed to a 66% drop in the NFT sector's market cap, which has fallen from $9.2 billion in January to $3.1 billion. Major NFT collections, including CryptoPunks, Bored Ape Yacht Club, and Pudgy Penguins, have all suffered notable declines over the past month. Despite these challenges, there are indications that the market is transitioning from speculative trading to a focus on real-world utility and application-based growth.