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.
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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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