NFT Sales Experience Sharp Decline in Early 2025 Amid Select Collection Gains

According to Cointelegraph, the non-fungible token (NFT) market witnessed a significant downturn in the first quarter of 2025, with sales plummeting by 63% compared to the same period last year. Total sales from January to March reached $1.5 billion, a stark contrast to the $4.1 billion recorded in the first quarter of 2024, as reported by data aggregator CryptoSlam. March marked the most substantial drop, with sales falling 76% to $373 million from $1.6 billion in the previous year. Despite the overall decline, certain NFT collections managed to defy the trend and post gains. Notable among these were Doodles, Milady Maker, and Pudgy Penguins, which demonstrated resilience amid the market downturn. Pudgy Penguins emerged as the top performer, recording $72 million in sales for Q1 2025, a 13% increase from $63.5 million in Q1 2024. Doodles also showed strength, with sales rising to $32 million from $22.6 million in the previous year, potentially fueled by its growing mainstream presence and a recent collaboration with McDonald's. Milady Maker, an Ethereum-based collection, saw the highest percentage increase among leading collections, with a 58% rise in sales volume. The anime-themed project, endorsed by Ethereum co-founder Vitalik Buterin, has gained traction on social media platforms, partly due to promotion by Three Arrows Capital co-founder Su Zhu. In contrast, other major NFT collections experienced significant declines. CryptoPunks recorded $60 million in sales for Q1 2025, a 47% decrease from $114 million in the first quarter of 2024. The Bored Ape Yacht Club (BAYC) faced an even steeper drop, with sales volume falling 61% to $29.8 million from $78 million in the previous year. While the broader NFT market struggled, NFTs built on Bitcoin saw an increase in average price despite a sharp decline in total sales volume. In the first quarter of 2025, the average value of Bitcoin NFTs rose to $633.24, up from $559.05 in 2024 and $63.45 in 2023, according to DappRadar. However, Bitcoin-based NFT sales dropped dramatically to $291 million, a 79% decrease from $1.4 billion in Q1 2024. Bitlayer co-founder Charlie Hu previously commented to Cointelegraph that Bitcoin Ordinals, once a hyped narrative in the Bitcoin ecosystem, have seen their era "completely gone."