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

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.

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. 

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-based NFT collection had a sales volume increase of 58%. The anime-themed project, endorsed by Ethereum 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. 

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

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

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

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

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

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