Five years after the 2021 speculative peak, the NFT market has experienced dramatic collapses: Jack Dorsey’s tweet NFT sold for $2.9 million in 2021 but found no buyer in 2022, GameStop closed its NFT marketplace in 2024, Nifty Gateway shut down in February 2026, and Fantasy Top followed in May 2026. DeFi protocols like Aave proved more resilient, with borrowed amounts recovering above 2021 levels to reach $13 billion by September 24, 2026. Tokenization of traditional assets has progressed, with $38.6 billion in tokenized assets on public blockchains on the same date, including $15 billion for tokenized US Treasury bills alone. Tokenized real estate remains marginal at approximately $457 million, while dollar-pegged stablecoin supply more than doubled from $162 billion to $311 billion over the same period.
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