Since December, NFT trading volumes have decreased by 63%, reaching a total of 1.36 billion USD, as reported by DappRadar. January recorded a 26% dip, succeeded by a 50% drop in February.

The decline in NFT values is closely linked to the fluctuations in crypto prices. DappRadar analyst Sara Gherghelas indicated that while NFTs showed signs of recovery recently, their market momentum has stalled.

Despite the overall downturn, NFT activity briefly surged in February, influenced by AI innovations. Profile picture NFTs topped trading volumes at 243 million USD, indicating a shift towards more dynamic digital assets.