NFT Crash: Penguins, Doodles Defy Downturn
The NFT market experienced a significant cool-down in the first quarter of 2025, with sales volumes taking a 63% nosedive compared to the same period last year. However, it wasn’t all gloom and doom, as some notable NFT collections managed to buck the trend and actually increase their sales.
From January to March 2025, the total NFT sales figure landed at $1.5 billion, a considerable step back from the $4.1 billion seen in the first quarter of 2024, according to the latest numbers from CryptoSlam, a leading data aggregator. March witnessed the most dramatic decline, with sales plummeting by a staggering 76% to $373 million, a stark contrast to the $1.6 billion in sales from March of the previous year.
Despite this overall market dip, certain collections like Doodles, Milady Maker, and Pudgy Penguins emerged as bright spots, exceeding expectations and demonstrating remarkable resilience in the face of the broader downturn.
Pudgy Penguins, Doodles, Milady defy NFT downturn in Q1
Looking at the big players in the NFT space, CryptoPunks recorded $60 million in sales during the first quarter of 2025. While still a substantial figure, this represents a 47% decrease from the $114 million in sales they achieved in Q1 of 2024.
The Bored Ape Yacht Club (BAYC) experienced an even sharper decline, with sales volume shrinking by 61%. This iconic collection of monkey-themed NFTs saw sales of only $29.8 million in Q1 2025, down from a robust $78 million in the same quarter of the previous year.
Interestingly, among the popular NFT collections tracked by Cointelegraph, Pudgy Penguins stood out with the highest sales volume in Q1 2025. This collection of adorable digital penguins generated $72 million in sales for the quarter, actually marking a 13% increase compared to their $63.5 million performance in Q1 2024.
Doodles also managed to swim against the current of the market downturn. Their sales jumped to $32 million in Q1 2025, up from $22.6 million in Q1 2024. This positive momentum could be attributed to Doodles’ growing presence in mainstream culture, possibly fueled by their recent collaboration with McDonald’s.
Meanwhile, Milady Maker took the crown for the highest percentage increase in sales among the top NFT collections. This Ethereum-based collection of anime-inspired avatars saw its sales volume surge by an impressive 58%. Endorsed by Ethereum co-founder Vitalik Buterin, the project has continued to capture attention and gain traction across various social media platforms.
Featuring 10,000 unique anime-inspired avatars, Milady Maker has also benefited from promotion by Su Zhu, the controversial co-founder of Three Arrows Capital.
Related: Sony’s Soneium blockchain, Animoca Brands bring anime to Web3
Bitcoin NFTs average price increased in Q1 2025
While the broader NFT market experienced a contraction, NFTs built on the Bitcoin blockchain presented a different story. They saw an increase in their average price, even though their overall sales volume also experienced a significant decrease.
In the first quarter of 2025, the average value of Bitcoin NFTs rose to $633.24. According to data from DappRadar, another data aggregator, the average price of Bitcoin NFTs has been on a steady climb, jumping from $63.45 in 2023 to $559.05 in 2024, before reaching its current average.
However, despite the price surge, Bitcoin-based NFT sales declined dramatically to $291 million in 2025, marking a substantial 79% drop. In the first quarter of 2024, Bitcoin NFTs had commanded a much larger sales volume of $1.4 billion.
In a previous interview with Cointelegraph, Bitlayer co-founder Charlie Hu described Bitcoin Ordinals as one of the most overhyped narratives within the Bitcoin ecosystem. He told Cointelegraph that while this asset class did experience a period of exponential growth, that “moon” era is now “completely gone.”
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