FameEX Hot Topics | May Sees a 54% Decline in NFT Sales Volume

In May 2024, the NFT market faced a sharp decline, with sales plummeting from $1 billion in April to just $624 million, marking a 54% drop in overall sales volume. This significant decrease was reported by CryptoSlam, a data tracking platform, and occurred despite a surge in market activity the previous month. The downturn primarily impacted digital collectibles based on Bitcoin, Ethereum, and Solana.

Detailed figures on the last day of May showed that the global sales volume for NFTs during the past 30 days was only $624 million, a stark reduction from the robust $1 billion recorded in April. Among the major blockchains, Bitcoin, Ethereum, and Solana all witnessed declines in their sales volumes. Bitcoin-based NFTs, in particular, saw one of the sharpest falls, generating $179 million in sales but still facing a significant downturn. Ethereum and Solana, the second and third most popular blockchains for NFT transactions, experienced sales reductions of 55% and 48%, respectively.

The decline also severely impacted some of the most popular NFT collections. Notably, Solana’s Mad Lads and Ethereum’s well-known collections, CryptoPunks and Bored Ape Yacht Club (BAYC), suffered considerable losses. BAYC recorded the most dramatic decrease, with a 54% drop in sales volume. Mad Lads and CryptoPunks followed with decreases of 44% and 41%, respectively. Despite this overall downturn, it’s important to remember that CryptoPunks had exceptionally high sales in March, including a record-setting $16 million sale of a rare alien CryptoPunk on March 4, and another alien CryptoPunk that sold for $16.4 million on March 20.

Despite these impressive sales in March, CryptoPunks could only muster $15 million in sales in May. However, not all was bleak in the NFT arena. Certain collections experienced significant growth. For example, the social finance project Fantasy Top saw a substantial increase in its profile within the NFT market. Similarly, the Immutable-based blockchain game Guild of Guardians enjoyed a 69% rise in sales volume, contributing to an overall 23% growth for the Immutable blockchain.

Additionally, on the Solana blockchain, the DogeZuki Collection and Solana Monkey Business stood out with sales increases of 130% and 74%, respectively. The growth of these collections indicates areas of resilience and potential within a generally declining market.

This fluctuation in the NFT market underscores the volatile nature of digital assets and highlights the importance for investors to stay well-informed and adaptable to rapid market changes. The landscape of NFTs, while currently facing downturns, also presents opportunities for growth and innovation, reflecting the dynamic and evolving nature of this digital asset space.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.