PANews reported on March 28 that according to Cointelegraph, according to CryptoSlam data, the total transaction volume of NFTs from January to March 2025 was US$1.5 billion, down from US$4.1 billion in the same period of 2024, a year-on-year decrease of 63%. The largest drop occurred in March, with transaction volume falling 76% from US$1.6 billion last year to US$373 million.

Despite the slowdown, series such as Doodles, Milady Maker, and Pudgy Penguins continued to outperform expectations. Among the top NFT series, CryptoPunks had a transaction volume of $60 million in the first quarter of 2025, down 47% from $114 million in the first quarter of 2024. Bored Ape Yacht Club (BAYC) fell by 61%. Pudgy Penguins had the highest transaction volume in the first quarter of 2025. It reached $72 million, up 13% from $63.5 million in the first quarter of 2024. Doodles transaction volume jumped from $22.6 million in the first quarter of 2024 to $32 million in the first quarter of 2025.