By Chris Hollingworth 
Sales of non-fungible tokens (NFTs) saw a significant decline in the first quarter of 2025, dropping by 63% compared to the previous year. Despite this overall downturn, a few standout collections managed to defy the trend and achieve gains during this period. According to data from aggregator CryptoSlam, total NFT sales amounted to $1.5 billion from January to March 2025, down from $4.1 billion in the same period in 2024. The month of March experienced the largest decline, with sales plummeting by 76% to $373 million from $1.6 billion in the previous year.
Amid the slowdown in the NFT market, collections such as Doodles, Milady Maker, and Pudgy Penguins demonstrated resilience and outperformed expectations, showcasing strength during the challenging economic environment.
One of the top NFT collections, CryptoPunks, reported $60 million in sales in Q1 2025, marking a 47% decrease from the $114 million recorded in the first quarter of 2024. The Bored Ape Yacht Club (BAYC) experienced an even more significant drop of 61%, with sales volume falling to $29.8 million in Q1 2025 from $78 million in Q1 2024.
Among the popular collections reviewed by Cointelegraph, Pudgy Penguins emerged as the top performer in terms of sales volume in Q1 2025, generating $72 million for the quarter, a 13% increase from $63.5 million in Q1 2024. Doodles also defied the broader market trend, with sales surging to $32 million in Q1 2025 from $22.6 million in Q1 2024, possibly driven by increased mainstream visibility and a recent collaboration with McDonald’s.
Meanwhile, Milady Maker stood out with the highest percentage increase among leading collections, achieving a sales volume growth of 58%. This Ethereum-based NFT collection, endorsed by Ethereum co-founder Vitalik Buterin, features anime-themed avatars and has been gaining traction on social media platforms, partly due to promotion by Su Zhu, co-founder of Three Arrows Capital.
Despite the overall decline in the NFT market, NFTs built on the Bitcoin blockchain experienced an increase in average price during Q1 2025, even as total sales volume contracted significantly. DappRadar data revealed that the average value of Bitcoin NFTs rose to $633.24 in the first quarter of 2025. This marked a notable increase from $63.45 in 2023 and $559.05 in 2024. However, sales of Bitcoin-based NFTs saw a sharp decline to $291 million in 2025, down by 79% from the previous year when sales totaled $1.4 billion in Q1 2024.
In a prior interview with Cointelegraph, Bitlayer co-founder Charlie Hu commented on the Bitcoin NFT market, stating that Bitcoin Ordinals were one of the most overhyped narratives in the ecosystem. Hu mentioned that while the asset class had seen significant growth previously, that era had come to an end.
The NFT market continues to evolve, with fluctuations in sales volumes and average prices reflecting the dynamic nature of the digital asset space. As collectors and investors navigate these changes, attention remains focused on the performance of key collections and platforms within the broader NFT ecosystem.
