Global #NFT Sales Drop to $604 Million in May, Lowest Since October
In May, global sales of non-fungible tokens NFTs dropped to $604 million, marking the lowest monthly performance since last October and the first time this year that sales fell below $1 billion.
#Ethereum the leading blockchain for NFT sales with over $43 billion in historic sales, saw $ETH $164 million in sales last month. This is Ethereum's lowest monthly sales since September. Additionally, the number of unique buyers on Ethereum fell to 56,914, the lowest since June 2021, according to CryptoSlam data.
The slump in NFT sales also hit the #Bitcoin network hard. Bitcoin's monthly sales dropped to $BTC $160 million, the lowest since October. The network also saw a decrease in both buyers and sellers, recording its lowest counts this year.
While most major blockchains experienced a sales decline, #Solana stood out in terms of activity. Solana recorded $SOL $93 million in monthly sales, the first time it dipped below $100 million since last November. However, Solana set new records for monthly unique buyers and sellers, with 346,229 and 594,555 addresses respectively.
Despite the increased activity, Solana’s average NFT price fell. The network's average monthly sales value dropped to $37.8, the lowest this year. The overall trend shows a significant slump in the NFT market across major blockchains.
