NFT market faces historic reset with platform shutdowns and structural decline – here's the latest: • Total market cap fell below $1.5B, with Nifty Gateway and Gemini shutting down (23 February 2026) • Supply surged 25% in 2025 while sales dropped 37%, with most NFTs seeing minimal trading activity • Major industry events like NFT Paris were canceled in January 2026 due to prolonged market downturn • Market evolution favors utility, with OpenSea, Blur, and Magic Eden dominating platform activity • Blue-chip collections like CryptoPunks retained value but are down 80-95% from 2021 peaks


