NFT sales drop by 63% in first quarter, while Pudgy Penguins and Doodles defy trend
Sales of non-fungible tokens (NFTs) experienced a significant decline in the first quarter of 2025, dropping by 63% year-over-year. However, a few standout collections managed to defy this downturn and posted gains.
According to data from aggregator CryptoSlam, NFTs generated $1.5 billion in total sales from January to March 2025, down from $4.1 billion in the same period in 2024. March saw the steepest decline, with sales falling by 76% to $373 million compared to $1.6 billion the previous year.
Despite the overall slowdown, collections such as Doodles, Milady Maker, and Pudgy Penguins exceeded expectations and showed strength amidst the market decline.
Pudgy Penguins, Doodles, Milady defy NFT downturn in Q1
Among the largest NFT collections, CryptoPunks reported $60 million in sales in Q1 2025, down by 47% from $114 million in the first quarter of 2024.
The Bored Ape Yacht Club (BAYC) experienced an even larger drop of 61%, with sales volume totaling only $29.8 million in Q1 2025, down from $78 million in Q1 2024.
Of the popular collections reviewed by Cointelegraph, Pudgy Penguins had the highest sales volume in Q1 2025, totaling $72 million for the quarter, a 13% increase from $63.5 million in Q1 2024.
Doodles also defied the broader market downturn, with sales increasing to $32 million in Q1 2025 from $22.6 million in Q1 2024, possibly fueled by its growing mainstream presence and a recent partnership with McDonald’s.
On the other hand, Milady Maker saw the greatest percentage increase among top collections. The Ethereum-based NFT collection experienced a 58% rise in sales volume and has been endorsed by Ethereum co-founder Vitalik Buterin, gaining traction across various social media platforms.
The collection, which features 10,000 anime-inspired avatars, also received promotion from Su Zhu, the controversial co-founder of Three Arrows Capital.
Related: Sony’s Soneium blockchain, Animoca Brands bring anime to Web3
Bitcoin NFTs average price increased in Q1 2025
Despite the overall decline in the NFT market, NFTs built on Bitcoin saw an increase in average price, even as total sales volume decreased significantly.
In Q1 2025, NFTs on Bitcoin had an average value of $633.24, up from $63.45 in 2023 and $559.05 in 2024, according to data from DappRadar.
However, sales of Bitcoin-based NFTs sharply declined to $291 million in 2025, a 79% drop from the $1.4 billion recorded in the first quarter of 2024.
In a previous interview with Cointelegraph, Bitlayer co-founder Charlie Hu stated that Bitcoin Ordinals are one of the most overhyped narratives in the Bitcoin ecosystem, with the asset class’ era of significant growth being a thing of the past.
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