The NFT market begins 2025 with a noticeable drop in sales volumes. Analysis indicates a decline of over 50% in the first quarter compared to the previous one.
Decline of NFT Market in Q1 2025
Data from Tiexo.com reveals the NFT market has plunged in sales during Q1 2025, with trading volumes at $1.05 billion—a 52% decrease compared to the previous quarter. In Q4 2024, NFT sales surged to $2.2 billion, showing a 96% increase from $1.12 billion in Q3 2024. Though the new year started strong, with January seeing a 24% decrease from December 2024, February and March saw further declines.
Top NFT Marketplaces in Q1 2025
Blur led the NFT marketplaces in Q1 2025, with a trading volume of $397 million, capturing 37.84% of the market share. OpenSea followed with $380 million and a 36% market share. Magic Eden, supporting multiple blockchains, reported sales of $161 million, with Bitcoin Ordinals and Solana collections being significant contributors. Tensor closed the top five platforms with its performance this quarter.
Top-Selling NFTs in Q1 2025
Pudgy Penguins emerged as the top-selling NFT collection in Q1 2025, with a total sales volume of $125 million. Azuki and Doodles followed with sales volumes of $114 million and $47 million respectively. Both CryptoPunks and Lil Pudgy posted $40 million each, securing their spots among the top sales performers.
The NFT market faces significant challenges at the start of 2025, impacting sales volumes. Leading platforms and collections show varied results amid the overall market downturn.
