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Sharp Decline in NFT Sales Volume in May: CryptoSlam Reports

May 31, 2024 at 04:08

According to the latest data from CryptoSlam, sales of blockchain-based nonfungible tokens (NFTs) plummeted by 54% in May, dropping from April’s $1 billion to $624 million. This decline was observed across several major blockchain platforms, including Bitcoin, Ethereum, and Solana.

Bitcoin, Ethereum, and Solana NFT Sales Drop

The steepest fall was seen in Bitcoin-based NFTs, which, despite achieving a sales volume of over $179 million in the past 30 days, recorded a 68% drop compared to the previous month. Ethereum and Solana, the second and third most popular blockchains for NFT sales, also witnessed significant reductions in volume, decreasing by 55% and 48%, respectively.

Top NFT collections on these platforms also faced declines. Solana’s Mad Lads, Ethereum’s CryptoPunks, and Bored Ape Yacht Club (BAYC) were among the collections with the most notable drops. BAYC experienced the most considerable reduction, with a 54% decrease in sales volume. Mad Lads and CryptoPunks saw declines of 44% and 41%, respectively.

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This downturn comes despite a significant uptick in March for certain collections. For instance, CryptoPunks set a new sales record with two notable transactions in March: one rare alien CryptoPunk sold for $16 million and another, CryptoPunk #7804, fetched $16.4 million. However, by May, the overall sales volume for CryptoPunks had settled at just $15 million.

Some Collections Buck the Trend

Despite the general downward trend, some NFT collections and projects managed to see growth in May. Fantasy Top, a SocialFi project, showed remarkable performance, propelling Blast onto the list of top blockchains for NFT sales.

Additionally, the Immutable-based blockchain game, Guild of Guardians, recorded a 69% surge in sales volume, contributing to a 23% overall increase in sales volume for the Immutable blockchain. On Solana, collections like DogeZuki and Solana Monkey Business stood out with sales growths of 130% and 74%, respectively.

These figures reflect a shifting landscape in the NFT market, where select collections and newer projects are capturing interest even as more established NFTs see a decline in sales volumes.

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