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The biggest measured NFT collection declines in CoinGecko’s selected blue-chip group reached 97.3% from all-time-high floor prices to July 19, 2023, led by Moonbirds. That figure describes a collection’s lowest listed asking price—not what every owner lost or what a token actually sold for. The NFT boom’s sales estimates also vary by tracker, and the available figures do not establish a single market-wide value for October 2026.
What “biggest losers” means in the NFT market
There is no single loss ranking that captures every NFT holder’s outcome. The clearest comparable collection measure in the available data is the percentage drop in a collection’s floor price: the lowest listed price for an item in that collection at a given time. CoinGecko compared daily floor-price highs with prices on July 19, 2023, across 11 selected blue-chip profile-picture collections.
| # | Preview | Product | Price | |
|---|---|---|---|---|
| 1 |
|
On NFTs (Varia) | $16.50 | Buy on Amazon |
| 2 |
|
Digital Art (World of Art) | $24.95 | Buy on Amazon |
| 3 |
|
How to Collect Art | $23.99 | Buy on Amazon |
| 4 |
|
Art of Boutis | $21.17 | Buy on Amazon |
| 5 |
|
Beeple: Everydays, the First 5000 Days | $11.72 | Buy on Amazon |
A floor-price decline is not the same as a realized loss. It does not show that an owner sold, that a buyer was available at the floor, or what that owner paid. Token-level estimates and unsuccessful resale attempts are different kinds of evidence, too.
Which selected blue-chip collections fell the most?
CoinGecko’s figures below compare each collection’s recorded floor-price high with its floor on July 19, 2023. The collections are a selected group, not a census of the NFT market. USD and ETH percentages differ because the exchange value of ETH changes relative to the dollar.
#1 Best Overall
| Collection | USD floor decline | ETH floor decline |
|---|---|---|
| Moonbirds | 97.3% | 95.7% |
| Cool Cats | 96.8% | 94.5% |
| World of Women | 96.5% | 94.6% |
| Doodles | 95.5% | 93.2% |
| Clone X | 95.3% | 91.3% |
| VeeFriends | 94.9% | 90.5% |
| Azuki | 90.5% | 82.7% |
| Mutant Ape Yacht Club | 90.0% | 84.6% |
| Bored Ape Yacht Club | 84.9% | 78.2% |
| CryptoPunks | 80.2% | 60.1% |
| Pudgy Penguins | 38.9% | 45.9% |
CoinGecko aggregated floor prices from OpenSea, LooksRare, and the CryptoPunks marketplace. It cautioned that trackers can differ because they use different calculation methods and marketplaces. The percentages measure a floor-price change, not a collection’s total market capitalization or each holder’s profit or loss.
How the boom turned into a contraction
2021: a boom with competing sales estimates
There is no uncontested total for NFT sales in 2021. Reuters reported three estimates: DappRadar put sales at $24.9 billion across ten tracked blockchains, CryptoSlam estimated $18.3 billion, and NonFungible.com reported $15.7 billion for Ethereum. Those figures differ in provider coverage and in how activity is counted; some auction transactions happen off-chain and may not appear in marketplace or blockchain tracker totals.
Rank #2
2022: marketplace activity and average prices fell
Reuters reported that OpenSea’s monthly volume fell from nearly $5 billion in January 2022 to $2.6 billion in May and $700 million in June. Separately, NonFungible.com’s average-sale-price measure, as reported by Reuters, dropped from $1,754 at the end of April to $412 by late June. Volume and average sale price are distinct indicators, not interchangeable measures of the same decline.
The downturn coincided with a broader cryptocurrency bear market, rising interest rates, and a retreat from riskier assets, Reuters reported. Those factors provide context, not proof of one cause. Market participants also pointed to speculation, hype, and uncertainty about practical NFT use cases.
Rank #3
2023: a bounce, but not a return to the peak
Ethereum NFT sales reached $780.2 million in January 2023, up from $546.9 million in December 2022, according to CryptoSlam figures reported by Reuters. January 2023 remained far below roughly $5 billion in January 2022. Reuters described the rise as a bounce from a November low, not a return to boom conditions.
Different endpoints also produce different collection comparisons. The Block reported that from January 1 to November 28, 2023, BAYC’s floor price fell 57.6% and CryptoPunks’ fell 13.8%. Those shorter-period changes do not contradict CoinGecko’s larger peak-to-July drops: the starting points and comparison dates differ.
Rank #4
High-profile examples: estimated value is not a sale
Logan Paul’s K4M-1 #03
DappRadar reported that Logan Paul bought K4M-1 #03 for $626,393 on August 23, 2021. In its article, DappRadar’s NFT Value Estimator put the token’s value at $8,250. That is a modelled estimate, not evidence that Paul sold it for that amount or that it is worth that amount today. DappRadar also reported an aggregate estimated decline of $29,650,760 across seven selected NFTs using last sale prices and its estimator; that total likewise does not establish realized resale losses.
Jack Dorsey’s first-tweet NFT
Reuters reported that the Malaysian businessman who bought an NFT of Jack Dorsey’s first tweet for $2.5 million struggled to attract bids above a few thousand dollars when he tried to resell it in April 2022. The episode illustrates weak demand at the time, but the low bids were not a completed sale at that price.
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Why the reported losses do not all measure the same thing
- Sales volume tracks the value of transactions captured by a provider over a period. It depends on what chains and activity the provider includes.
- Average sale price describes completed sales in a dataset; it does not tell you the price of every NFT or the value of unsold items.
- Floor price is the lowest listed asking price in a collection, not a guaranteed offer or a price every holder can realize.
- Estimator value is a model’s estimate. It is not proof of a buyer, completed sale, or current market price.
- Realized gain or loss requires an actual sale and the owner’s relevant purchase and transaction costs. The cited collection-floor data do not provide that transaction-level history for holders.
Currency and time window matter as well: a USD-denominated floor can move differently from an ETH-denominated one, and a peak-to-July comparison cannot be read as a January-to-November change.
What later reporting says—and what it cannot establish
A March 2026 El País article attributed to DappRadar a 93% decline in NFT sales value from the 2021 peak to early 2025, reporting $197 million for 2024 and $23.8 million for the first quarter of 2025. Those are figures reported by El País from DappRadar, and they are not reconciled here with the other trackers’ methods and coverage. They should not be treated as a harmonized current-market total or as a measure of October 2026 conditions.
The available dated comparisons establish a steep contraction in activity and selected collection floors after the boom. They do not establish that NFTs are worthless, that every holder lost money, or what any named collection is worth now.
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