The NFT market had a tough first quarter in 2025. NFT sales dropped a staggering 63% year-over-year, falling from $4.1 billion in Q1-2024 to just $1.5 billion this year. March was the worst month, with sales plummeting 76% compared to last year.
Several NFT collections flourished during this decline period in the marketplace. The NFT projects Pudgy Penguins, Doodles, and Milady Maker produced outstanding NFT sales results.
Pudgy Penguins, Doodles, and Milady Maker Lead the Way
One of the biggest winners of Q1 was Pudgy Penguins, which recorded $72 million in sales. The market growth of these projects increased to 13% in Q1 2025 as ongoing demand continued to rise.
pic.twitter.com/wyawrYckUk
— Coinpaper (@coinpapercom) March 28, 2025
In Q1 2025, Doodles‘ sales rose from $22.6 million to $32 million. Partnering with McDonald’s boosted Doodles’ popularity and sales. Milady Maker experienced the most significant rise in sales as its revenue grew by an impressive 58% during this period.
Bored Ape and CryptoPunks Take a Hit
The market proved beneficial in selecting collections, while other collections faced difficulties. Sales in the CryptoPunks market crashed by 47% throughout 2024 due to buyers spending $114 million in Q1, followed by only $60 million from Q2 to Q4.
➣ NFTs Took a Beating… But Not Everyone Lost.
The NFT market crashed HARD in Q1:
-Overall NFT sales down 76% in March to just $373M
-CryptoPunks (-47%) & BAYC (-61%) took major hits
-Pudgy Penguins & Doodles? Still holding strong!Maybe @steadyteddys will kick start the…
— Wale
(Ø,G) (@TweetByWale) March 31, 2025
Bored Ape Yacht Club (BAYC) had a steeper decline, with sales plunging 61% to $29.8 million—down from $78 million last year. BAYC once dominated the NFT market but lost ground as sales declined.
Bitcoin NFTs: Higher Prices, Lower Sales
The market absorbed a decline in NFT sales, yet Bitcoin NFT prices rose throughout Q1 2025. In Q1 2025, Bitcoin NFTs experienced significant market growth, where their price value reached $633.24, exceeding the rates from 2024 ($559.05) and 2023 ($63.45).
#NFTs are heating up!
This week’s volume jumped 4.5% to $102.8M, with CryptoPunks soaring 141.4% to $6.3M.
Bull run or hype bubble?#crypto pic.twitter.com/vSwNpmYymu
— CryptOpus (@ImCryptOpus) March 30, 2025
The Bitcoin NFT market experienced a substantial sales volume reduction. During Q1-2025, sales plummeted by 79%, leading to $1.4 billion worth of transactions in Q1 2024, turning into $291 million in Q1 2025. The Bitlayer co-founder Charlie Hu says that Bitcoin Ordinals previously dominated the trend, but public interest has decreased.
Conclusion
The NFT market faced difficult times during Q1-2025 because NFT sales have rapidly decreased. The market shows persistent demand for suitable collections such as Pudgy Penguins, Doodles, and Milady Maker.
The Bitcoin NFT market shows signs of change through increased prices and reduced sales numbers.
Disclaimer
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