NFT Sales Plunge 63% in Q1 2025, But Pudgy Penguins, Doodles, and Milady Maker Defy the Trend

The non-fungible token (NFT) market has experienced a sharp contraction in the first quarter of 2025, with total sales plummeting by 63% year-over-year. According to data from CryptoSlam, NFT sales totaled just $1.5 billion from January to March 2025, a significant decline from $4.1 billion during the same period in 2024. The most severe decline was seen in March, where sales fell by an eye-watering 76%, dropping to $373 million from $1.6 billion in 2024.

Despite this overall slump, several prominent NFT collections have managed to buck the trend, showing resilience and continued investor interest. Among the standout performers were Pudgy Penguins, Doodles, and Milady Maker, which all posted strong sales figures amidst the broader market slowdown.

Pudgy Penguins, Doodles, and Milady Maker Shine

Among the larger and more established collections, CryptoPunks saw its sales drop by 47%, from $114 million in Q1 2024 to $60 million in Q1 2025. Similarly, Bored Ape Yacht Club (BAYC), one of the most recognized NFT brands, recorded a significant decline of 61%. Sales for BAYC dropped from $78 million in Q1 2024 to just $29.8 million in the first quarter of 2025.

In contrast, Pudgy Penguins recorded a 13% increase in sales, reaching $72 million in Q1 2025, up from $63.5 million in the same period the previous year. This performance was the best among major NFT collections. The collection’s success reflects a strong and loyal community, which has supported Pudgy Penguins as it continues to build momentum in the space.

Another performer bucking the market trend was Doodles, which saw its sales jump to $32 million in Q1 2025, up from $22.6 million in Q1 2024. The collection’s success can be attributed to its growing mainstream presence and the exciting partnership with McDonald’s, which likely contributed to the surge in popularity.

Milady Maker also stood out in the first quarter, seeing the highest percentage increase in sales among top NFT collections. The anime-themed collection, which consists of 10,000 avatars, posted a remarkable 58% increase in sales volume. Milady Maker has attracted attention across social media platforms and has gained further traction with backing from high-profile figures like Ethereum co-founder Vitalik Buterin and controversial crypto influencer Su Zhu, co-founder of Three Arrows Capital.

Bitcoin NFTs and Their Rising Average Prices

Despite the overall decline in NFT sales, there has been a notable rise in the average price of Bitcoin-based NFTs. In Q1 2025, the average price of Bitcoin NFTs surged to $633.24, a significant jump from $559.05 in 2024 and $63.45 in 2023. However, this rise in average price hasn’t translated into increased sales volume. Bitcoin NFT sales fell dramatically by 79%, dropping from $1.4 billion in Q1 2024 to just $291 million in the first quarter of 2025.

While some analysts, such as Charlie Hu, co-founder of Bitlayer, have criticized the hype around Bitcoin Ordinals—Bitcoin’s NFT standard—he notes that the initial boom is over. Hu argues that while Bitcoin Ordinals saw immense growth, that era is now “completely gone.”

Market Outlook

Looking ahead, the NFT market remains in a challenging phase, with a significant decline in overall sales. However, the resilience of collections like Pudgy Penguins, Doodles, and Milady Maker offers a glimmer of hope for the future. Their success stories may provide a roadmap for NFT projects aiming to weather the current downturn and thrive in an evolving digital art and collectibles space.

For more details on NFT trends and updates, visit CryptoSlam’s official site. To learn more about the rise of Bitcoin NFTs, check out DappRadar’s market report.