NFT sales plunge 63% in Q1, but Pudgy Penguins, Doodles buck trend

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Sales of non-fungible tokens (NFTs) dropped sharply in the first quarter of 2025, plunging 63% year-over-year. Still, a few standout collections defied the downturn and posted gains.

NFTs recorded $1.5 billion in total sales from January to March 2025, down from $4.1 billion during the same period in 2024, according to data from aggregator CryptoSlam. March accounted for the steepest decline, with sales falling 76% to $373 million compared with $1.6 billion last year.

Despite the slowdown, collections including Doodles, Milady Maker and Pudgy Penguins outperformed expectations, showing strength amid the downturn.

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Pudgy Penguins, Doodles, Milady defy NFT downturn in Q1

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

The Bored Ape Yacht Club (BAYC) had an even bigger drop of 61%. The monkey-themed NFT collection had a sales volume of only $29.8 million in Q1 2025, down from $78 million in Q1 2024.

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Among the popular collections reviewed by Cointelegraph, Pudgy Penguins recorded the highest sales volume in Q1 2025. The collection recorded $72 million for the quarter, a 13% increase on its $63.5 million in Q1 2024.

Doodles also defied the broader market downturn, with sales jumping to $32 million in Q1 2025 from $22.6 million in Q1 2024, possibly driven by its growing mainstream presence and a recent partnership with McDonald’s.

Meanwhile, Milady Maker recorded the highest percentage increase among top collections. The Ethereum ( $1,885.25 ) -based NFT collection had a sales volume increase of 58%. The anime-themed project, endorsed by Ethereum ( $1,885.25 ) co-founder Vitalik Buterin, has continued to gain attention across social media platforms.

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

Bitcoin ( $64,464.00 ) NFTs average price increased in Q1 2025

While the overall NFT market declined, NFTs built on Bitcoin ( $64,464.00 ) saw a rise in average price, even as total sales volume shrank significantly.

In the first quarter of 2025, NFTs on Bitcoin ( $64,464.00 ) saw their average value increase to $633.24. According to data aggregator DappRadar, the average price of Bitcoin ( $64,464.00 ) NFTs climbed from $63.45 in 2023 to $559.05 in 2024 before reaching its current average.

However, Bitcoin ( $64,464.00 ) -based NFT sales declined sharply to $291 million in 2025, a 79% drop. In the first quarter of 2024, Bitcoin ( $64,464.00 ) NFTs had a sales volume of $1.4 billion.

In a previous interview with Cointelegraph, Bitlayer co-founder Charlie Hu said that Bitcoin ( $64,464.00 ) Ordinals are one of the most overhyped narratives in the Bitcoin ( $64,464.00 ) ecosystem. The executive told Cointelegraph that while the asset class went to the moon, that era is “completely gone.”