NFT sales dropped significantly from $1 billion in April to $624 million in May, with digital collectibles on Bitcoin, Ethereum, and Solana seeing notable declines.
Blockchain-based digital collectibles faced a slowdown in May, reversing the positive trend seen in April 2024, according to data tracker CryptoSlam.
As of May 31, the nonfungible token (NFT) data platform reported a global sales volume of $624 million over the past 30 days. This marks a 54% decrease compared to April, when NFT sales exceeded $1 billion.
Declines Across Bitcoin, Ethereum, and Solana NFTs
Among the leading blockchains for nonfungible tokens, Bitcoin, Ethereum, and Solana all experienced drops in sales volume in May.
Bitcoin-based NFTs, despite achieving over $179 million in sales volume in the past 30 days, saw one of the largest declines, with a 68% decrease compared to April.
Similarly, Ethereum and Solana, the second and third-ranked blockchains by sales volume, showed significant declines in May. Ethereum‘s sales volume fell by 55%, while Solana‘s dropped by 48%.
Major NFT Collections Hit Hard
Within the top 10 NFT collections, Solana-based Mad Lads and Ethereum-based collections CryptoPunks and Bored Ape Yacht Club (BAYC) were the most affected.
BAYC experienced the largest drop, with a 54% decrease in sales volume. Mad Lads saw a 44% decline, and CryptoPunks recorded a 41% drop.
In March, CryptoPunks had notable success, breaking its sales record twice. On March 4, a rare alien CryptoPunk sold for $16 million, followed by another record-breaking sale of CryptoPunk #7804 for $16.4 million on March 20.
However, despite the strong performance in March, CryptoPunks only recorded $15 million in overall sales volume in May.
Summary Review: The sharp decline in NFT sales volume in May highlights the volatility of the NFT market. As leading blockchain networks and top collections face significant drops, the industry will need to adapt to maintain momentum and attract new buyers.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
