New token values collapsed across the board in 2025, with infrastructure and gaming projects absorbing the deepest cuts. The market-wide compression spared few, but those two sectors lost the most ground.
Infrastructure Sector Takes the Biggest Hit
Tokens tied to blockchain infrastructure — the protocols and platforms that underpin decentralized networks — saw their valuations fall further than any other category. These projects had previously commanded high prices, reflecting bets on long-term utility. In 2025, that premium evaporated.
Gaming Tokens Not Spared
Gaming tokens, which power in-game economies and virtual worlds, ran a close second. After years of hype around play-to-earn models and metaverse ambitions, investors pulled back sharply. The valuations that had been assigned to gaming tokens during the boom years did not hold.
No Sector Escaped the Squeeze
While infrastructure and gaming led the decline, the compression affected virtually all new token issuances. Projects that raised capital at high valuations earlier found themselves resetting expectations. The speed and breadth of the downturn caught many developers off guard.
The compression has reshaped the landscape for new tokens, particularly in infrastructure and gaming.
