May saw a slowdown in the market for blockchain-based digital collectibles, despite a positive trend in April 2024, as reported by data tracker CryptoSlam.
According to CryptoSlam, global sales volume for nonfungible tokens (NFTs) in the last 30 days amounted to $624 million on May 31. This represents a significant drop of 54% compared to April, when NFT sales volume exceeded $1 billion.
The top blockchains used for NFTs, namely Bitcoin, Ethereum, and Solana, all experienced a decline in sales volume in May. Bitcoin-based NFTs generated over $179 million in sales volume in the last 30 days, but also recorded one of the highest declines in sales volume. CryptoSlam reported a 68% decrease in Bitcoin NFT sales volume compared to April.
Ethereum and Solana, the second and third-ranked blockchains by sales volume, also faced downward trends in May. Both blockchains experienced a 55% and 48% decline in sales volume, respectively.
Among the top 10 NFT collections, Solana-based Mad Lads and Ethereum-based collections CryptoPunks and Bored Ape Yacht Club (BAYC) suffered the most significant losses. BAYC saw a 54% decline in sales volume, while Mad Lads and CryptoPunks experienced decreases of 44% and 41%, respectively.
In March, CryptoPunks set two record-breaking sales. On March 4, a rare alien CryptoPunk was sold for $16 million, followed by another record-breaking sale of CryptoPunk #7804 for $16.4 million on March 20. However, the collection only attained $15 million in overall sales volume in May.
Despite the overall decrease in NFT sales volume, some collections bucked the trend and saw growth. Social finance project Fantasy Top experienced significant growth in May, propelling Blast into the list of top blockchains for NFTs.
Additionally, the blockchain game Guild of Guardians, based on Immutable, witnessed a 69% increase in sales volume, contributing to the overall growth of the blockchain. CryptoSlam reported a 23% growth in sales volume for Immutable in May.
On Solana, the DogeZuki Collection and Solana Monkey Business were the biggest gainers, with growth rates of 130% and 74%, respectively.
In summary, May marked a slowdown for blockchain-based digital collectibles, with a significant drop in NFT sales volume. While some collections experienced growth, the overall trend was a decline in sales volume.