NFT sales plunge 63% in Q1, but Pudgy Penguins, Doodles buck trend
In the first quarter of 2025, the non-fungible token (NFT) market experienced a significant downturn, with total sales plummeting 63% year-over-year to $1.5 billion, down from $4.1 billion during the same period in 2024. March was particularly challenging, witnessing a 76% decline to $373 million compared to $1.6 billion in March 2024.
Pudgy Penguins: This collection recorded $72 million in Q1 2025 sales, marking a 13% increase from $63.5 million in Q1 2024. Notably, during the week ending February 22, 2025, Pudgy Penguins experienced an 83.01% surge in sales to $8.8 million, with transaction volumes more than doubling.
Doodles: Sales for Doodles rose to $32 million in Q1 2025 from $22.6 million in the same quarter of the previous year. In the week ending February 22, 2025, Doodles claimed the second spot among top NFT collections with $9.9 million in sales, a 32.80% increase from the prior week.
Milady Maker: This Ethereum-based, anime-themed collection saw a 58% increase in sales volume during Q1 2025. Its growing popularity has been bolstered by endorsements from prominent figures in the crypto community.
In contrast, other major NFT collections faced significant declines:
CryptoPunks: Sales dropped 47% to $60 million in Q1 2025 from $114 million in Q1 2024.
Bored Ape Yacht Club (BAYC): This collection experienced a 61% decrease, with sales falling to $29.8 million in Q1 2025 from $78 million in the same quarter of the previous year.
The broader NFT market's decline aligns with a general downturn in the cryptocurrency sector during this period. For instance, in late February 2025, Bitcoin's price dipped to $96,000, and Ethereum hovered around $2,600, reflecting a decrease in the global crypto market capitalization.
These market dynamics underscore the volatility inherent in the NFT and cryptocurrency spaces, highlighting the importance of thorough research and caution for participants navigating these markets.
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