FameEX Hot Topics | NFT Sales Volume Drops 54% in May

In May 2024, the NFT market witnessed a significant downturn, with sales dropping from $1 billion in April to $624 million, as reported by the data tracking platform CryptoSlam. This 54% decrease in overall NFT sales volume occurred despite a surge in activity the previous month. Notably, Bitcoin, Ethereum, and Solana-based digital collectibles were among the most affected.

On the last day of May, CryptoSlam recorded a $624 million global sales volume for NFTs over the past 30 days, a stark contrast to the robust $1 billion in April. Among the leading blockchains for NFT transactions, Bitcoin, Ethereum, and Solana all experienced a downtrend in sales. Bitcoin-based NFTs, while generating $179 million in sales, faced one of the steepest declines. Ethereum and Solana, ranking second and third in sales volume respectively, also saw significant reductions, with sales dropping by 55% and 48%.

The impact was also felt among popular NFT collections. Solana’s Mad Lads and Ethereum’s iconic CryptoPunks and Bored Ape Yacht Club (BAYC) recorded substantial losses. BAYC experienced the most significant dip with a 54% decline in sales volume. Mad Lads and CryptoPunks followed with declines of 44% and 41%, respectively. Despite this downturn, it is worth noting that CryptoPunks had achieved remarkable sales in March, including a record $16 million sale of a rare alien CryptoPunk on March 4, followed by another alien CryptoPunk fetching $16.4 million on March 20.

Despite these record-breaking sales in March, CryptoPunks only amassed $15 million in sales in May. However, it wasn’t all declines in the NFT market. Some collections saw noteworthy growth. The social finance project Fantasy Top, for instance, recorded a significant increase, positioning itself as a noteworthy player in the NFT market. Similarly, the Immutable-based blockchain game Guild of Guardians enjoyed a 69% increase in sales volume, contributing to a 23% overall growth for the Immutable blockchain.

On the Solana blockchain, the DogeZuki Collection and Solana Monkey Business stood out, with sales increases of 130% and 74%, respectively. These collections' growth highlights areas of resilience and potential within a generally declining market.

This fluctuating market landscape reflects the volatile nature of NFTs and the broader digital assets space, underlining the need for investors to stay informed and adapt to rapid changes.

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