NFT Market Faces Major Decline in Q1 2025, Yet Some Collections Flourish
Mar 31
2 min read
The NFT market experienced a significant downturn in the first quarter of 2025, with total sales plummeting by 63% year-over-year. Despite this overall decline, several collections managed to thrive, showcasing resilience in a challenging environment.
Key Takeaways
NFT sales dropped from $4.1 billion in Q1 2024 to $1.5 billion in Q1 2025.
March 2025 saw the steepest decline, with sales falling 76% compared to the previous year.
Notable collections like Pudgy Penguins, Doodles, and Milady Maker reported increased sales.
Bitcoin NFTs saw a rise in average prices despite a significant drop in total sales volume.
Overview Of The NFT Market Decline
The NFT market faced a harsh reality in the first quarter of 2025, with total sales falling to $1.5 billion, a stark contrast to the $4.1 billion recorded in the same period last year. March was particularly brutal, witnessing a staggering 76% drop in sales, amounting to just $373 million.
Collections That Defied The Trend
While many collections struggled, a few stood out by posting impressive sales figures:
Pudgy Penguins: This collection led the way with $72 million in sales, marking a 13% increase from $63.5 million in Q1 2024.
Doodles: Sales surged from $22.6 million to $32 million, likely boosted by a recent partnership with McDonald’s.
Milady Maker: This collection saw the highest percentage increase, with sales rising by 58% during the quarter.
Major Players Taking Hits
In contrast, some of the most recognized NFT collections faced significant declines:
CryptoPunks: Sales dropped by 47%, from $114 million in Q1 2024 to $60 million in Q1 2025.
Bored Ape Yacht Club (BAYC): Experienced a 61% decline, with sales falling to $29.8 million from $78 million last year.
Bitcoin NFTs: A Mixed Bag
Interestingly, while the overall NFT market struggled, Bitcoin-based NFTs saw an increase in average prices. The average price of Bitcoin NFTs rose to $633.24 in Q1 2025, up from $559.05 in 2024. However, total sales volume for Bitcoin NFTs plummeted by 79%, dropping from $1.4 billion in Q1 2024 to just $291 million in Q1 2025.
Conclusion
The first quarter of 2025 was a challenging period for the NFT market, marked by a significant decline in sales. However, collections like Pudgy Penguins, Doodles, and Milady Maker demonstrated that there is still demand for quality projects. Meanwhile, the Bitcoin NFT market is showing signs of price resilience despite a sharp drop in sales volume, indicating a potential shift in investor sentiment.
Sources
NFT sales plunge 63% in Q1, but Pudgy Penguins, Doodles buck trend, Cointelegraph.
NFT Sales Drop 63% in Q1, but Some Collections Thrive, Altcoin Buzz.