NFT gross sales plunge 63% in Q1, however Pudgy Penguins, Doodles buck development

Gross sales of non-fungible tokens (NFTs) dropped sharply within the first quarter of 2025, plunging 63% year-over-year. Nonetheless, a couple of standout collections defied the downturn and posted positive aspects.

NFTs recorded $1.5 billion in complete gross sales from January to March 2025, down from $4.1 billion throughout the identical interval in 2024, according to knowledge from aggregator CryptoSlam. March accounted for the steepest decline, with gross sales falling 76% to $373 million in contrast with $1.6 billion final 12 months.

Regardless of the slowdown, collections together with Doodles, Milady Maker and Pudgy Penguins outperformed expectations, exhibiting power amid the downturn.

Pudgy Penguins, Doodles, Milady defy NFT downturn in Q1

Among the many largest NFT collections, CryptoPunks recorded $60 million in Q1 2025 gross sales, down 47% from $114 million within the first quarter of 2024.

The Bored Ape Yacht Membership (BAYC) had an excellent larger drop of 61%. The monkey-themed NFT assortment had a gross sales quantity of solely $29.8 million in Q1 2025, down from $78 million in Q1 2024. 

Among the many well-liked collections reviewed by Cointelegraph, Pudgy Penguins recorded the best gross sales quantity in Q1 2025. The gathering recorded $72 million for the quarter, a 13% enhance on its $63.5 million in Q1 2024. 

Doodles additionally defied the broader market downturn, with gross sales leaping to $32 million in Q1 2025 from $22.6 million in Q1 2024, presumably pushed by its rising mainstream presence and a recent partnership with McDonald’s.

In the meantime, Milady Maker recorded the best share enhance amongst prime collections. The Ethereum-based NFT assortment had a gross sales quantity enhance of 58%. The anime-themed challenge, endorsed by Ethereum co-founder Vitalik Buterin, has continued to realize consideration throughout social media platforms.

The gathering consists of 10,000 anime-inspired avatars and it has gained traction from promotion by controversial Three Arrows Capital co-founder Su Zhu. 

Associated: Sony’s Soneium blockchain, Animoca Brands bring anime to Web3

Bitcoin NFTs common worth elevated in Q1 2025

Whereas the general NFT market declined, NFTs constructed on Bitcoin noticed an increase in common worth, at the same time as complete gross sales quantity shrank considerably.

Within the first quarter of 2025, NFTs on Bitcoin noticed their common worth enhance to $633.24. According to knowledge aggregator DappRadar, the typical worth of Bitcoin NFTs climbed from $63.45 in 2023 to $559.05 in 2024 earlier than reaching its present common.

Nonetheless, Bitcoin-based NFT gross sales declined sharply to $291 million in 2025, a 79% drop. Within the first quarter of 2024, Bitcoin NFTs had a gross sales quantity of $1.4 billion.

In a earlier interview with Cointelegraph, Bitlayer co-founder Charlie Hu mentioned that Bitcoin Ordinals are one of many most overhyped narratives within the Bitcoin ecosystem. The manager instructed Cointelegraph that whereas the asset class went to the moon, that period is “utterly gone.”