Data from the first quarter of 2025 showed a sharp decline in non-fungible token (NFT) sales to about $1.5 billion, compared to $4.1 billion in the first quarter of 2024 (a decrease of ~63%). This overall decline was met with some exceptions: popular collections like Pudgy Penguins and Doodles managed to record growth in trading volume at the beginning of the year, but the market overall remains in a downturn compared to the previous peak.