Crypto

CryptoSlam Reports NFT Sales Plunge by 54% in May

With the decline in Bitcoin, Ethereum, and other Solana-based collectibles, cryptoslam reports NFT sales fell from $1 billion in April to $624 million in May.

According to data tracker CryptoSlam, blockchain-based digital collectibles slowed down in May 2024 after exhibiting an increase in April.

The nonfungible token (NFT) statistics platform revealed on May 31 that NFTs had $624 million in global sales volume over the previous 30 days. Comparing this to April, when NFT sales were over $1 billion, shows a 54% decrease in overall NFT volume.

Solana NFTs, Ethereum, and Bitcoin are down.

Bitcoin, Ethereum, and Solana—three of the most popular blockchains for nonfungible tokens—exhibited a drop in sales volume in May.

Bitcoin-based NFTs saw one of the worst drops in sales volume over the past 30 days despite witnessing a gain of over $179 million in sales volume.

The volume of Bitcoin NFT sales is 68% less than in April, claims CryptoSlam.

Top 10 blockchains by NFT sales volume. Source: CryptoSlam

Ethereum and Solana, the second and third-ranked blockchains by sales volume, respectively, also had declining patterns in May. According to the data, the sales volume of blockchains declined by 55% and 48% in May.

The greatest losers in the top 10 NFT collections were the Ethereum-based collections CryptoPunks and Bored Ape Yacht Club (BAYC) and the Solana-based Mad Lads.

With a 54% decline in sales volume, BAYC had the most significant decline on the list. CryptoPunks saw a 41% reduction, and Mad Lads saw a 44% decline.

Top 10 NFT collections by sales volume. Source: CryptoSlam

The well-liked NFT collection CryptoPunks twice shattered its record sales in March. A rare alien CryptoPunk auctioned for $16 million on March 4. On March 20, another record-breaking sale occurred as CryptoPunk #7804 was purchased for $16.4 million.

Even with the increase in March, the collection’s total sales volume in May was only $15 million.

Opposing the trend

Although there was a decline in NFT sales volume overall in May, specific collections saw an increase. May saw a notable increase in the social finance (SocialFi) project Fantasy Top, which propelled Blast into the top blockchain for NFTs.

Aside from Fantasy Top, the blockchain’s overall volume was driven by a 69% surge in sales for the Immutable-based game Guild of Guardians. Immutable reported a 23% increase in sales volume in May, according to CryptoSlam.

The largest gainers on Solana were the DogeZuki Collection and Solana Monkey Business, with growth rates of 130% and 74%, respectively.

Ruth Okarter

Ruth is a seasoned news reporter and editor who brings her sharp eye and passion for storytelling to Protechbro.com. With a background in English and literary studies, Ruth crafts compelling narratives that unpack the complexities of the ever-evolving tech landscape.