Sales of non-fungible tokens (NFTs) have taken a significant hit in the first quarter of 2025, dropping 63% year-on-year. Despite the decline, a few standout collections, including Pudgy Penguins, Doodles, and Milady Maker, managed to outperform the broader market.
According to data from CryptoSlam, NFT sales totalled $1.5 billion from January to March 2025, a sharp fall from the $4.1 billion recorded during the same period last year. March witnessed the steepest drop, with sales plummeting 76% to $373 million, down from $1.6 billion in March 2024.
Source: Kris Marszalek
Among the largest NFT collections, CryptoPunks generated $60 million in Q1 2025, marking a 47% decrease from $114 million in the first quarter of 2024. Meanwhile, the once-popular Bored Ape Yacht Club (BAYC) saw an even greater decline of 61%, with sales volume slipping to $29.8 million, compared to $78 million in Q1 last year.
Despite the overall market slump, Pudgy Penguins, Doodles, and Milady Maker emerged as resilient performers, showing relative strength amid the downturn.
Crypto.com Investigation Closed by SEC
The US Securities and Exchange Commission (SEC) has officially concluded its investigation into Crypto.com without taking any action against the exchange.
Announcing the news on March 27, Crypto.com CEO Kris Marszalek claimed that regulators had used “every tool available” to restrict the company’s operations, including limiting access to banking services, auditors, and investors.
“It was a calculated attempt to put an end to the industry,” Marszalek wrote in a post on X (formerly Twitter).
The SEC also dismissed its civil enforcement action against Cumberland DRW, a crypto trading firm, on the same day.
SEC Chair Nominee Faces Scrutiny Over FTX Ties
Paul Atkins, the prospective chair of the US Securities and Exchange Commission, faced tough questions during his Senate confirmation hearing on March 27 regarding his past connections to the crypto industry.
Massachusetts Senator Elizabeth Warren led the questioning, criticising Atkins’ judgement and raising concerns about his ties to FTX, the now-defunct crypto exchange.
Paul Atkins addressing lawmakers at March 27 nomination hearing. Source: US Senate Banking Committee
Warren accused Atkins, who previously served as an SEC commissioner from 2002 to 2008, of “staggeringly bad judgment” during his tenure leading up to the 2008 financial crisis. She also highlighted his consulting firm, Patomak Global Partners, which had advised FTX before its collapse in 2022.
“Your clients pay you north of $1,200 an hour for advice on how to influence regulators like the SEC, and if you’re confirmed, you will be in a prime spot to deliver for all those clients who’ve been paying you millions of dollars for years,” Warren stated, suggesting Atkins’ decisions could be swayed by financial incentives.
The senator also pressed Atkins to disclose the buyers of Patomak, which he plans to sell if confirmed. She warned that the sale could be seen as a “pre-bribe” to gain influence over the future SEC chair.
Atkins responded that he would “abide by the process” but did not directly answer the question regarding the firm’s potential buyers.
