NFTs Are Coming Back but Blue Chip Projects Are on Life Support

Why It Matters

The trend signals a maturation of the NFT market toward utility‑driven demand, reshaping revenue models for creators and investors while marginalizing legacy blue‑chip projects that have struggled to adapt.

Summary

NFT trading activity rebounded in Q3 2025, ending a two‑year slump that saw volumes and prices slide across the sector. The revival was led not by high‑profile blue‑chip collectibles or speculative art, but by lower‑cost utility NFTs such as loyalty‑program tokens, ticketing rails and sport‑linked assets. These categories captured the bulk of the renewed on‑chain volume, while legacy blue‑chip projects remain on “life support,” with sales and floor prices still well below their 2021 peaks. Analysts see the shift as a re‑orientation toward functional use cases rather than pure speculation.