According to the NFT data analysis platform CryptoSlam, the NFT space experienced a slowdown in May despite a rise in April 2024. On May 31, the NFT data platform showed that the global sales volume of NFTs in the last 30 days was $624 million. This represents a 54% decline in overall NFT sales volume compared to April, when NFTs had a volume of over $1 billion.
Decline in the NFT Space
Among the best blockchain networks used for the NFT space, Bitcoin, Ethereum, and Solana saw a decline in sales volume in May. Bitcoin-based NFTs gained over $179 million in sales volume in the last 30 days, while also experiencing one of the highest declines in sales volume. According to CryptoSlam, Bitcoin NFT sales volume fell by 68% compared to April.
Meanwhile, the second and third blockchain networks by sales volume, Ethereum and Solana, also experienced downward trends in May. Data showed that the blockchain networks saw a 55% and 48% decline in sales volume in May. Among the top 10 NFT collections, Solana-based Mad Lads and Ethereum-based collections CryptoPunks and Bored Ape Yacht Club (BAYC) were the biggest losers. The largest decline on the list was BAYC, which saw a 54% drop in sales volume. Mad Lads experienced a 44% decline, while CryptoPunks saw a 41% drop.
In March, the popular NFT collection CryptoPunks broke its sales records twice. On March 4, a rare alien CryptoPunk was sold for $16 million. This was followed by another record-breaking sale on March 20, when CryptoPunk #7804 was purchased for $16.4 million. Despite the increase in March, the collection’s total sales volume was recorded at only $15 million in May.
Notable Details
While the overall NFT sales volume declined in May, some collections experienced growth. The Social Finance (SocialFi) project Fantasy Top recorded significant growth in May, pushing the Blast network into the list of top blockchain networks for NFTs.
In addition to Fantasy Top, the Immutable-based blockchain game Guild of Guardians saw a 69% increase in sales volume, boosting the overall volume of the blockchain network. According to CryptoSlam, Immutable showed a 23% growth in sales volume in May. On Solana, the DogeZuki Collection and Solana Monkey Business were the biggest gainers, with growth rates of 130% and 74%, respectively.
