1. Preface: What is NFT?

“NFT c’est quoi?”—a simple French phrase meaning “What is an NFT?”—has seen a surge in global search volume in recent years. Since 2021, NFTs (non-fungible tokens) have disrupted multiple sectors including art, gaming, entertainment, and sports. However, in 2025, the market has undergone dramatic shifts. To help readers make sense of it all, this article will explore the latest NFT market movements, project updates, and trends for 2025—all through the lens of the question: What is an NFT?

Before diving in, let’s revisit the basics of NFTs by answering a few key questions at the heart of “What is an NFT?”:

• What is it? Non-Fungible Token, a unique digital asset form built on the blockchain network.
• Who is using it? From digital artists to game developers, to fans and brands, everyone is actively exploring.
• Why is it crucial? It brings the ownership, uniqueness, and verifiability of digital assets into the internet era.

Source:Wikipedia

2. Background of NFT Development

To answer the question “What is an NFT?” we must understand its evolution. From the launch of CryptoPunks in 2017 to the meteoric rise of BAYC in 2021, and now in 2025 where NFTs intersect with multiple industries, here are the key phases:

1. Seed Stage (2017 - 2019)

• In 2017, CryptoPunks made their debut, and the prototype of NFT began to be preliminarily tested.
• In 2018, global digital artists began to experiment with blockchain-based artwork casting.

2. Outbreak Period (2020 - 2021)

• The DeFi craze is driving the rise of NFTs, with projects like BAYC, Azuki, and Art Blocks emerging successively.
• In early 2021, the monthly trading volume of NFTs surpassed the $1 billion mark for the first time.

3. Lock-up Period (2022 - 2024)

• Market speculation is fading, NFT prices are falling from their highs. Technology and use cases are starting to deepen.

4. Transition Period (2025 to present)

• NFT is no longer just avatars and digital collectibles, but more of a new form combining cross-chain, AI, gamification, and more.
• Speculation and bubbles decline, while utility and value are on the rise.

By April 2025, NFT is not only synonymous with investment and speculation, but also carries practical, entertainment, and community values. The competition and cooperation between various projects are becoming increasingly fierce, and “NFT c’est quoi” has become the primary question for global users to further explore the essence of digital assets.

3. Core Concepts and Technologies Behind NFTs

Understanding “What is an NFT?” requires unpacking the underlying technologies that support it. At its core, an NFT is not just a JPEG image or a digital avatar—it’s a cryptographic token recorded on a blockchain with unique metadata and ownership history.

Here are the fundamental technical pillars of NFTs:

1. Uniqueness
   Each NFT comes with a unique serial number or smart contract address and cannot be exchanged with other NFTs.
2. Traceability
   Any transaction records are transparent and traceable on the blockchain, with a clear traceable path.
3. Immutability
   Once minted or transferred on the blockchain, the information is difficult to tamper with, ensuring the credibility of digital assets.

The relationship between blockchain network and NFT

• Blockchain Underlying: The vast majority of NFTs are built on Ethereum, using the ERC-721 or ERC-1155 standards. However, in 2025, the trend of multi-chain is rising, and public chains such as Solana, Flow, Polygon, etc., have also become important choices.
• Smart Contract: The ownership, trading, and minting logic of NFT are all controlled by smart contracts.
• Cross-chain and side-chain: In 2025, BAYC’s self-developed ApeChain is an application of side-chain, aiming to improve efficiency and reduce gas fees.

Therefore, in the process of understanding “NFT c’est quoi”, it is necessary to understand the technical ecosystem formed by blockchain, smart contracts, and NFT standards. This is also why NFT has important potential for wide application.

4. Latest Update on BAYC: Migration from Ethereum to ApeChain

When it comes to “NFT c’est quoi,” it’s impossible not to mention BAYC (Bored Ape Yacht Club), which led the “animal avatar craze” from 2021 to 2022. So what’s new with BAYC in 2025?

4.1 ApeCoin Staking Pool Migration

• Migration time: On April 15, 2025, BAYC officially announced that the Ape Coin Staking pools of Bored Ape Only, Mutant Ape Only, and Bored Ape Kennel Club will be migrated from the Ethereum mainnet to ApeChain.
• Migration purpose: To enhance transaction speed and Staking efficiency through the proprietary sidechain (ApeChain), and further reduce Gas fees.
• Community feedback: There is a heated discussion on #BAYC #ApeChain on X (formerly Twitter). Most holders are optimistic and believe that this move will help bring better Staking rewards and further strengthen the ecological independence of BAYC.

4.2 BAYC Price and Market Performance

• Historical high: The floor price of BAYC reached 153.7 ETH (approximately $440,000 at the time) in February 2022.
• Current floor price: As of April 13, 2025, the floor price of BAYC is approximately 15.35 ETH (about $2900), a decrease of about 90% from its historical high.
• Historical low: In early May 2021, only about 0.5 ETH (just over $1500 at the time).

This price fluctuation indirectly confirms the ups and downs of the NFT market. With the launch and ecosystem construction of ApeChain, BAYC still occupies an undeniable position in the new stage of “NFT c’est quoi”.

Source:Bored Ape Yacht Club - Collection | OpenSea

5. CryptoPunks Market Performance: Skyrocketing Trades and Volatility

If BAYC represents new-age hype, then CryptoPunks is the OG symbol of NFTs. Since its inception in 2017, CryptoPunks has been a classic reference whenever the question “NFT c’est quoi” arises.

5.1 April 10, 2025 Sky-High Trade

• Trade Event: CryptoPunk #3100 (from the rare Alien Punk series) sold for 4000 ETH (approximately 6.08 million US dollars).
• Buyer and seller: The seller bought in 4500 ETH in March 2024, when the price was about 160 million USD (thanks to the extreme market conditions of Ethereum at around 35,000 USD at that time, this data briefly appeared at the end of the bull market in 2024).
• Loss situation: Compared to the purchase price, the seller has lost more than 100 million US dollars. This case of ‘buying at a high price and then cutting losses’ has sparked widespread discussion on the X platform, and once again sounded the alarm for the investment risk of ‘NFT c’est quoi’.

It should be noted that in the extreme market conditions of 2024, Ethereum briefly surged to around $35,000, but the time was very short. General statistical data or third-party platforms may not be updated in time, or only appear in specific OTC off-exchange transactions. Therefore, the estimate here is based on comprehensive market intelligence and on-chain data.

5.2 CryptoPunks Floor Price and Market Data

• Floor price: As of April 13, 2025, the floor price of CryptoPunks is about 42.59 ETH (approximately $8000), down by about 44% in the past 90 days.

• Highest and lowest historical prices:

• By the end of August 2021, the floor price of CryptoPunks had once exceeded 120 ETH (approximately $450,000 at the time).

• In early 2017, it was distributed for free, with the lowest price almost close to 0 USD; in early 2020, it appeared in the secondary market at the level of 0.5 ETH.

This high volatility fully illustrates that “NFT c’est quoi” is not only about technology and art, but also involves the financial attributes of high risk and speculation.

Source:CryptoPunks NFT Floor Price Chart | CoinGecko

6. Azuki new partnership: entering the Web3 entertainment

Azuki quickly became popular in 2022 with its unique Japanese anime style, known as the “2D version of BAYC.” What breakthroughs has Azuki made in the “nft c’est quoi” wave after 2025?

6.1 Collaboration with the ‘Enter the Garden’ project on the Viu platform

• Collaboration: On April 5, 2025, Azuki announced a partnership with the video streaming platform Viu to jointly create the anime series ‘Enter the Garden,’ directed by Goro Taniguchi, the director of ‘Code Geass’.
• Goal: Through the Web3 model, allow Azuki holders to participate in story creation, virtual world construction, and digital asset trading, becoming a truly “participatory anime ecosystem”.
• Market feedback: After Azuki announced the collaboration, the floor price has increased from 3.9 ETH to 4.5 ETH (as of April 13), with a trading volume of 20 million USD. The community is looking forward to the integration of anime and game ecology in the future.

6.2 Azuki’s technical layout

• Cross-chain deployment: By the end of March 2025, Azuki revealed in the official blog the plan to integrate multi-chain NFT issuance methods, compatible with Ethereum, Polygon, Arbitrum, etc., allowing more users to participate in its ecosystem.
• Gamification + AI: Rumor has it that the Azuki team is developing the test version of AnimeVerse, customizing virtual avatars and interactive plots for holders through artificial intelligence algorithms, further enhancing the interactive experience of “NFT c’est quoi”.

Azuki’s attempt shows that by 2025, NFT will not only be a simple digital art collection, but will also extend to diversified fields such as film, games, entertainment, etc., enriching the meaning dimension of ‘nft c’est quoi’.

Source:Youtube

7. What is NFT Market Trends: A Overview of 2025 Data

In order to provide a more comprehensive understanding of the latest trends of ‘NFT c’est quoi’, the key data and trends from January to April 2025 are summarized below, and presented in an English table for quick reference.

Key NFT Market Data (Jan - Apr 2025)

The data is compiled from major blockchain browsers, NFT data analysis platforms, and international mainstream media reports.

7.1 Overall trading volume declined, with practical applications on the rise

In the first quarter of 2025, the overall trading volume of the NFT market decreased by about 24% compared to the fourth quarter of 2024, but practical projects such as gold-standard NFTs, NFT tickets, and NFT membership cards performed better. Industry analysis suggests that as speculative funds recede, the value of NFT projects will focus more on practical functionality and community stickiness.

7.2 Regional Distribution and Growth Potential

In terms of regions, the search volume for ‘NFT c’est quoi’ in the Asian market is rapidly increasing, especially in India and Southeast Asia. In Europe, France also shows a considerable search heat for ‘nft c’est quoi’, mainly focusing on the fields of art and games.

8. Conclusion: The ultimate reflection on what is NFT

In the context of the global digital economy in 2025, ‘NFT c’est quoi’ is no longer just a simple French question, but also represents people’s continuous exploration and contemplation of digital assets, blockchain technology, and the future form of the Internet. From early CryptoPunks, BAYC, to recent Azuki, and to the emergence of various new projects, the form of NFT is becoming more diverse, and the value it contains far exceeds the ‘image collection’ itself.

Although the market has experienced significant fluctuations and regulatory pressures, as many analysts have pointed out, this may be a necessary path for the NFT industry to mature. The combination of cross-chain, AI, gamification, and practical applications will bring a richer imagination space for NFTs. For every reader interested in ‘what is NFT,’ gaining insights into the present and contemplating the future may be the most meaningful attempt.

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