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Sad month for NFTs as sales drop 56% but there’s a boom factor 580,662,108%

Sales of blockchain-based digital collectibles stagnated in May despite growth in April 2024.

Over the past 30 days, NFTs recorded global sales of $630 million, marking a 56.28% decrease from April, when NFTs had a volume of more than $1 billion.

Source: CryptoSlam

Bitcoin, Ethereum and Solana NFTs are all down

The top 3 blockchains in terms of NFT sales, Bitcoin, Ethereum, and Solana, all saw sales volumes decline in May.

Top 3 blockchains in NFT sales. Source: CryptoSlam

Although Bitcoin-based NFTs have achieved more than $184 million in sales volume in the past 30 days, they are still down more than 71% compared to April

Meanwhile, the second and third ranked blockchains by sales, Ethereum and Solana, also recorded a downward trend in May with losses of about 55% and 48%, respectively.

In the top 10 NFT collections, Uncategorized Ordinals on Bitcoin (down 68.53%), Bored Ape Yacht Club (BAYC) on Ethereum (-50.5%), and Mad Lads on Solana (-44.13%) are 3 biggest loss collections of the month.

Top 10 NFT collections by sales. Source: CryptoSlam

In March, popular NFT collection CryptoPunks broke record sales twice. On March 4, a rare CryptoPunk alien was sold for $16 million. This was followed by CryptoPunk #7804 which was purchased for $16.4 million on March 20.

Despite the increase in March, the collection only recorded total sales of $15 million in May.

Go against the trend

While overall NFT sales decreased in May, some collections saw impressive growth. Social finance (SocialFi) project Fantasy Top saw explosive month-over-month growth of 580,662,108%, pushing Blast into the list of top blockchains for NFTs.

In addition to Fantasy Top, blockchain-based game Immutable Guild of Guardians showed a 69% increase in sales volume, driving overall blockchain volume with a 23% increase in May.

On Solana, DogeZuki is the collection with the biggest increase in price with 130% growth.

Itadori

According to Cointelegraph

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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