NFT Market Faces Major Decline in Q1 2025, Yet Some Collections Thrive
Mar 30
2 min read
Sales of non-fungible tokens (NFTs) have experienced a significant downturn in the first quarter of 2025, plunging 63% year-over-year. Despite this overall decline, several collections have managed to defy the trend and post impressive gains, highlighting a mixed landscape in the NFT market.
Key Takeaways
Total NFT sales dropped to $1.5 billion in Q1 2025 from $4.1 billion in Q1 2024.
March 2025 saw the steepest decline, with sales falling 76% compared to the previous year.
Notable collections like Pudgy Penguins, Doodles, and Milady Maker showed resilience and growth.
Bitcoin NFTs saw an increase in average price despite a significant drop in sales volume.
Overview of NFT Sales Decline
According to data from CryptoSlam, the NFT market recorded total sales of $1.5 billion from January to March 2025, a stark contrast to the $4.1 billion reported during the same period in 2024. March alone accounted for a staggering 76% decline, with sales plummeting to $373 million from $1.6 billion in March 2024.
Collections That Defied The Trend
While the overall market struggled, several collections stood out:
Pudgy Penguins: This collection recorded the highest sales volume in Q1 2025, reaching $72 million, a 13% increase from $63.5 million in Q1 2024.
Doodles: Sales surged to $32 million, up from $22.6 million in the previous year, likely boosted by a recent partnership with McDonald’s.
Milady Maker: This collection saw a remarkable 58% increase in sales, gaining traction through social media and endorsements from notable figures.
Major Players in the NFT Market
The performance of some of the largest NFT collections was less favorable:
CryptoPunks: Sales fell to $60 million, down 47% from $114 million in Q1 2024.
Bored Ape Yacht Club (BAYC): Experienced a 61% drop, with sales declining to $29.8 million from $78 million.
Bitcoin NFTs Show Mixed Results
Interestingly, while the overall NFT market faced a downturn, Bitcoin-based NFTs saw an increase in average price. The average value of Bitcoin NFTs rose to $633.24 in Q1 2025, up from $559.05 in 2024. However, total sales volume for Bitcoin NFTs dropped significantly to $291 million, a 79% decline from $1.4 billion in Q1 2024.
Market Participation Metrics
Despite the decline in sales volume, market participation metrics indicate a growing interest:
NFT Buyers: Increased by 70.97% to 350,146.
NFT Sellers: Rose by 68.57% to 225,465.
NFT Transactions: Grew by 16.90% to 1,696,996.
Conclusion
The NFT market is currently navigating a challenging landscape, with a significant overall decline in sales. However, the resilience shown by certain collections suggests that there is still potential for growth and innovation within the space. As the market evolves, it will be interesting to see how these trends develop in the coming quarters.
Sources
NFT sales plunge 63% in Q1, but Pudgy Penguins, Doodles buck trend, Cointelegraph.
NFT sales slip 5.3% to $100.9m, Bitcoin NFT sales drop 30%, Crypto News.