In May 2024, the NFT market experienced a significant slowdown, with a 54% decrease in global NFT sales volume compared to April.
According to data tracker CryptoSlam, blockchain-based digital collectibles saw a slowdown in May 2024 after exhibiting an increase in April. On May 31, the nonfungible token statistics platform revealed that global NFT sales volume in the previous 30 days totaled $624 million.
Comparing this to April, when nonfungible token sales were over $1 billion, shows a 54% decrease in its volume overall. Bitcoin, Ethereum, and Solana three of the most popular blockchains for nonfungible tokens exhibited a drop in sales volume in May. Bitcoin based NFTs saw one of the worst drops in sales volume over the past 30 days, despite seeing a gain of over $179 million in sales volume.
NFT Sales Plummet in May
The volume of Bitcoin nonfungible token sales is 68% less than it was in April, claims CryptoSlam. Ethereum and Solana, the second and third-ranked blockchains by sales volume, respectively, also had declining patterns in May. The blockchains’ sales volume declined by 55% and 48% in May, according to the data.
The greatest losers in the top 10 NFT collections were the Ethereum-based CryptoPunks and Bored Ape Yacht Club (BAYC) and the Solana-based Mad Lads. BAYC had the biggest decline on the list. CryptoPunks saw a 41% reduction, and MadLads saw a 44% decline. The well-liked nonfungible token collection CryptoPunks twice shattered its record sales in March. On March 4, a rare alien known as CryptoPunk went up for auction, bringing in $16 million.
On March 20, CryptoPunk #7804 sold for a record-breaking $16.4 million.Even with the increase in March, the collection’s total sales volume in May was only $15 million. Although there was a decline in its sales volume overall in May, certain collections saw an increase. In May, the social finance (SocialFi) project Fantasy Top saw a notable increase, propelling Blast into the top blockchain for NFTs.
Aside from Fantasy Top, a 69% surge in sales volume for the immutable-based game Guild of Guardians drove the blockchain’s overall volume. Immutable reported a 23% increase in sales volume in May, according to CryptoSlam. The largest gainers on Solana were the DogeZuki Collection and Solana Monkey Business, with growth rates of 130% and 74%, respectively.