Blockchain-based digital collectibles experienced a decline in May despite showing an increase in April 2024, according to data tracker CryptoSlam.
On May 31, 2024, the non-fungible token (NFT) data platform showed that in the last 30 days, the global sales volume of NFTs reached $624 million.
The figure represents a 54% decline in overall NFT sales volume compared to April, when NFT volume reached more than $1 billion.
Bitcoin, Ethereum and Solana Decline
Among the top blockchains used for nonfungible tokens, Bitcoin, Ethereum, and Solana showed a decrease in sales volume in May.
Although Bitcoin-based NFTs generated more than $179 million in sales volume over the past 30 days, they also experienced one of the highest sales volume declines.
According to CryptoSlam, Bitcoin NFT sales volume fell by 68% compared to April.

Meanwhile, the second and third ranked blockchains by sales volume, Ethereum and Solana, also experienced a downward trend in May.
Data shows that both blockchains experienced sales volume declines of 55% and 48% respectively in May.
Mad Lads, CryptoPunks, and BAYC Experience Big Drops
Among the top 10 NFT collections , Solana-based Mad Lads as well as Ethereum-based collections CryptoPunks and Bored Ape Yacht Club (BAYC) saw the biggest drops.

BAYC showed the highest decline on the list, with its sales volume decreasing by 54%. Mad Lads saw a 44% drop, while CryptoPunks saw a 41% drop.
In March, popular NFT collection CryptoPunk s set sales records twice. On March 4, a rare alien CryptoPunk sold for $16 million. This was followed by another record-breaking sale when CryptoPunk #7804 was purchased for $16.4 million on March 20.
Also read: Latest report ! US Treasury Department Warns of Financial Risks of NFT Market
Despite an increase in March, the collection only recorded an overall sales volume of $15 million in May.
NFTs Experiencing Increase
While overall NFT sales volume declined in May, some collections saw growth.
Social finance project ( SocialFi ) Fantasy Top saw significant growth in May, pushing Blast onto the list of top blockchains for NFTs.
In addition to Top Fantasy, Immutable's blockchain-based game Guild of Guardians saw a 69% increase in sales volume, driving the blockchain's overall volume.
According to CryptoSlam, Immutable recorded sales volume growth of 23% in May.
On Solana, DogeZuki Collection and Solana Monkey Business were the biggest winners, showing growth of 130% and 74% respectively.
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NFT trading volumes surged post the 2022 bear market, skyrocketing to almost $1 billion in November, signifying a remarkable recovery and renewed interest in this sector.Notably, investors are displaying a heightened willingness to invest in NFTs, evident from the substantial spike in the average transaction value, soaring by an impressive 114%.Among the most sought-after NFT collections in this surge are prominent names like Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), CryptoPunks, DeGods, Gods Unchained, The Captainz, Azuki, Pudgy Penguins, Bitcoin Frogs, and even Van Gogh’s Paintings, capturing considerable attention and demand.Blockchain gaming witnessed a notable uptick, with daily unique active wallets (UAWs) soaring by 14%, indicating a burgeoning interest and engagement within this evolving gaming landscape.November showcased a remarkable milestone for DApps in 2023, hitting a new pinnacle with 3.4 million unique active wallets, marking a 7% surge from the previous month, signifying sustained growth and engagement in decentralized applications.

The sweeping bear market of 2022 dealt a blow to various niches within the web3 ecosystem, leading to dormancy or demise for many.
Notably, the NFT space endured significant turbulence during this period, witnessing substantial crashes in the value of million-dollar NFTs. Examples like Justin Bieber's $1.3 million Bored Ape Yacht Club (BAYC) and Logan Paul's $623,000 Azuki NFT plummeted by over 90%.
However, with the resurgence of the crypto market, a noticeable revival seems underway for NFTs.
DappRadar's latest report sheds light on this revival. The data reveals a remarkable resurgence in NFT trading volume, surging to nearly $1 billion in November—an impressive 125% increase from the preceding month.
According to DappRadar, this marks the second consecutive month of upward momentum within the NFT market, signaling a shift in investor sentiment despite the market's previous downturn.
Additionally, the average value of NFT transactions spiked by 114% in November, soaring from $126 to $270. This substantial increase denotes a newfound willingness among NFT buyers to pay considerably higher prices.
DappRadar highlights top-performing NFT collections such as BAYC, MAYC, CryptoPunks, DeGods, Gods Unchained, The Captainz, Azuki, Pudgy Penguins, Bitcoin Frogs, and Van Gogh's Paintings.
In tandem with the NFT resurgence, blockchain gaming is also witnessing a surge, reporting a noteworthy 14% rise in daily unique active wallets (UAWs) in November, claiming around 34% of the dapp industry's market share.
Despite the gradual recovery from the previous bull market, blockchain gaming projects managed to secure a substantial $2.3 billion in investments from January to October. The third quarter alone amassed approximately $600 million, a testament to sustained investor confidence despite fluctuating crypto market prices.
As the crypto market hints at a bullish turn, the NFT sector exhibits signs of resurgence and growth. The heightened trading volume and increased transaction values in November reflect an amplified demand and valuation for digital assets.
DappRadar's report for November underscores a bullish trajectory, marking a significant milestone of 3.4 million Unique Active Wallets (UAWs), showcasing a 7% growth from October—the most robust performance for Dapps in 2023.
Marketplaces like OKX, UniSat, and OpenSea took the lead, yet November also witnessed about $311 million in losses due to hacks and exploits alone.
While Voice of Crypto aims for precision, readers are urged to conduct thorough research and exercise prudence given the inherent volatility of cryptocurrencies.
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1. GameStop's NFT marketplace ceases operations due to regulatory uncertainties surrounding NFTs.
2. Loss of confidence in NFT regulations cited as the primary factor behind the closure of GameStop's NFT platform.
3. Dwindling profits add to the challenges, influencing the company's decision to shut down its NFT marketplace.
4. Surprising revelation that MICA (Market Infrastructure and Clearing Organization) does not provide coverage for NFTs, impacting GameStop's decision-making.
5. Drawing parallels, the lengthy approval process for Bitcoin ETFs underscores the challenges in navigating regulatory frameworks, with GameStop's NFT venture facing similar hurdles.
GameStop, a prominent gaming retailer, recently decided to shut down its NFT marketplace, launched just 18 months ago. The announcement, made on their website, revealed that the marketplace would cease operations on February 2, 2024. This move follows the discontinuation of GameStop's NFT wallet in September 2023. The decision may be linked to the company's dwindling profits, as indicated by the Q3, 2023 quarterly earnings report.
The decision to exit the NFT space during a bullish market might seem counterintuitive. However, GameStop cited the lack of regulatory clarity as a primary reason. NFTs, despite their potential utility in blockchain gaming, face regulatory uncertainties globally. Only a few cryptocurrencies, including Bitcoin, Ethereum, and Ripple, currently enjoy regulatory clarity.
The NFT market has struggled to gain momentum compared to large-cap cryptocurrencies in the current bullish market. Despite a recent shuffling in NFT marketplaces, with Blur surpassing OpenSea in market share, the overall NFT market still lags behind traditional crypto markets. Bitcoin Ordinals, similar to NFTs, have garnered significant attention, with over 54 million inscribed to date.
The regulatory landscape for Bitcoin Ordinals remains uncertain, raising concerns for investors, project owners, and NFT artists. Even though Bitcoin has been declared a commodity by the CFTC in the USA, the status of Ordinals as securities is unclear. MICA regulations in Europe also do not cover NFTs offered at a fixed price, creating a unique challenge for stakeholders.
The absence of specific laws regulating NFTs hasn't deterred various countries from imposing taxation. In the UK, NFTs are treated as property, subject to capital gains tax. In the USA, they are considered assets and fall under capital gains taxation. In India, NFTs are categorized as "Virtual Digital Assets" and taxed at a flat rate of 30%, while Japan imposes a high tax rate of up to 55% on NFTs.
The evolving regulatory landscape and taxation approaches worldwide underscore the challenges faced by the NFT market. As stakeholders navigate this complex terrain, it remains uncertain when comprehensive regulatory frameworks for NFTs will emerge, mirroring the extended timeline seen in the development of Bitcoin ETFs. Cryptocurrency investors are advised to conduct thorough research and make informed financial decisions, given the volatile nature of these assets.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
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