The NFT boom is over, but the NFT market isn’t crashing — it’s changing, Alexander Salnikov, co-founder of NFT marketplace Rarible told Intelliger. Wholesaler Salnikov is optimistic that the current woes constitute a full-on needed correction toward long-term sustainable utility. He stressed that trust erodes when individuals view NFTs merely as speculative assets. What’s most important, he said, is figuring out how to find useful applications for them.

After witnessing meteoric expansion throughout 2021, the NFT industry quickly became a go-to for starpower and sophisticated investors. Recent data shows a serious cool down as trading volumes and active traders have tanked with the markets. With leading platforms shutting down, it appears that a chapter is closing on the current NFT boom and its market structure.

NFT Market Performance and Decline

The NFT industry saw huge increases in 2021 as the result of high-profile sales and celebrity endorsements. Individuals such as pop star Justin Bieber, who purchased Bored Ape #3001 for a reported $1.3 million, brought monumental press to the NFT space. The market was at its highest point earlier this year, trading peaked at $2.9 billion.

The market faced a downturn. By Q1 2025, trading volume had fallen to just $23.8 million, a 93% drop from its high. Speculators faced a violent plunge. They plummeted from an all-time peak of 529,101 in 2022 down to just 19,575 as of Q1 2025, an astounding 96% drop.

Adding to the worries, 2024 was one of the market’s worst-performing years since 2020 for NFTs. A study revealed that 98% of NFT projects launched in 2024 were essentially "dead," underscoring the challenges facing the sector. High-profile platforms including Bybit, X2Y2 and Kraken have withdrawn from offering NFT services. Not surprisingly, this decision comes on the heels of their dismal trading volumes—a sharp market correction indeed.

Shift Towards Utility

Alexander Salnikov believes that the future of NFTs is bright. He argues that the market isn’t crashing, but in some key ways, it is evolving. This evolution has been fairly overdue.

"NFTs are the feature—they just need the right framing." - Alexander Salnikov

“Utility is no longer just a word we use around NFTs—it’s a thing that’s actually occurring right now,” said Salnikov. He emphasized that trust evaporates rapidly if NFTs are approached as just risky commodities.

"Once upon a time, after the .com burst, the headlines rang that the internet was only a fad. But as more companies integrated the technology into everyday use cases, it became ingrained as a part of life." - Alexander Salnikov

Rarible's Approach and Future Vision

Separately, Rarible’s Alexander Salnikov revealed that Rarible builds towards things like fiat onramps, low-cost mints and a user experience that is smooth and simple. The platform places a heavy emphasis on terms of content that engages users.

"We’re not selling NFTs—we’re powering experiences that just happen to be onchain." - Alexander Salnikov

Salnikov noted that celebrity participation in the NFT space is short-lived. He called this building of lasting value through utility and community engagement the “new black.”

"Celebrity drops will come and go—it’s the culture behind them that determines if they stick." - Alexander Salnikov

Salnikov noted that creators have the opportunity to tailor NFTs to their own specific audiences. The same goes for education spaces, metaverse projects, L3 platforms, or even proven legacy brands. This customization and focus on the needs of each community are key to long-term success.

"We’re way more interested in working with creators who are building for the long haul than just chasing headlines." - Alexander Salnikov

"We’re not trying to bolt on non-NFT features just to stay busy—we’re building NFT commerce that actually fits the communities using it." - Alexander Salnikov

"The next wave of growth isn’t about chasing a trend—it’s about unlocking new types of ownership and access that feel native to the internet generation." - Alexander Salnikov