NFT Market Faces 72% Decline as Jupiter Exchange Partners with Moonbirds for Campaign

NFT Market Experiences Sharp Decline

The global NFT market is experiencing its lowest levels of the year, with total market capitalization dropping to approximately $2.5 billion in December ^[2]. This figure represents a 72% decline from the early January peak of $9.2 billion ^[2].

The number of NFT investors has fallen significantly, dropping from over 204,000 in late November to roughly 135,000 by December ^[2]. Weekly sales during the first three weeks of December failed to surpass $70 million, falling short of November's already weak performance ^[2].

Blue-Chip Collections Face Double-Digit Losses

Most "blue-chip" collections have experienced double-digit percentage drops in floor prices over the last 30 days ^[2]. CryptoPunks, a globally acknowledged non-fungible token collection featuring a limited edition of 10,000 pixelated NFTs previously created by Larva Labs and now managed by Infinite Node Foundation, is down 12% in the past 30 days ^[2].

The Bored Ape Yacht Club, a NFT collection from the digital asset incubation studio Yuga Labs, is down 28% ^[2]. Pudgy Penguins, featuring a fixed edition of 8,888 NFT birds created by Igloo Inc., is down over 10.6% ^[2]. Notably, Pudgy Penguins recently overtook BAYC to become the second-largest collection by market cap ^[2]. The Hypurr NFT series has experienced the sharpest decline among top projects, shedding 48% of its value ^[2].

The downturn is attributed to a combination of macroeconomic uncertainty, reduced liquidity in the broader crypto market, and a shift in focus from speculative "hype" toward projects with practical utility, such as gaming, ticketing, and digital identity ^[2].

Jupiter Exchange Launches Moonbirds NFT Campaign

Amidst the market downturn, Jupiter Exchange has announced a partnership with Orange Cap Games to launch a non-fungible token campaign ^[1]. In a December 30 blog post, Jupiter Exchange, the leading decentralized exchange aggregator on the Solana blockchain network, confirmed the collaboration ^[1].

Orange Cap Games is a New York-based, Web3-focused game design studio founded in 2024, specializing in hybrid physical and digital trading card games ^[1]. The company is the current manager of Moonbirds, a globally recognized non-fungible token collection featuring a fixed supply of 10,000 pixelated NFTs on the Ethereum blockchain network ^[1]. Moonbirds was initially created by Proof Collective in 2021 ^[1].

The partnership will give both Moonbirds holders and Jupiter Exchange users an exclusive chance to swap on the Jupiter Exchange and win Moonbirds SBT ^[1]. Launched in late 2025, the Moonbirds Soulbound Tokens (SBTs) are non-transferable digital badges for Moonbirds, Mythics, and Oddities NFT holders, as well as Solana Mobile Seeker holders ^[1]. These tokens are used for airdrop rewards, community engagement, and ecosystem integration across Ethereum, Solana, and BNB Chain ^[1].

Campaign Details and Market Revival Strategies

The Moonbirds x Jupiter NFT campaign began on December 30, 2025, and will run until January 3, 2026 ^[1]. To participate, users must swap once on Jupiter Mobile by December 31 to qualify for the exclusive Moonbirds SBT ^[1].

Regarding the broader market recovery, industry observers suggest that NFTs need to return to what made them powerful in the first place: collectability, craft, and genuine creation ^[2]. The analysis indicates that NFTs will matter again when traders stop chasing money and start valuing the work that goes into them ^[2]. Teams that stay are described as teams that evolve, with smaller promises supported by consistent commitment ^[2].