The market for Non-Fungible Tokens (NFTs) witnessed a sharp decrease in sales volumes in May, as per the data released by CryptoSlam. Global sales volumes for NFTs slumped by 54% from over $1 billion registered in April to a mere $624 million in May. The downward trend was apparent across popular blockchains Bitcoin, Ethereum, and Solana supporting digital collectibles.
Bitcoin led the slump with its NFT sales volumes plummeting 68%, albeit garnering over $179 million in the last 30 days. Ethereum and Solana, the second and third-most dominant blockchains, weren’t too far behind either. Their respective NFT sales volumes nosedived by 55% and 48% in May.
The NFT collections that fell the hardest were Mad Lads based on Solana, and CryptoPunks and Bored Ape Yacht Club (BAYC) rooted in Ethereum. BAYC outshone in its decline with a 54% drop in sales volume, whereas Mad Lads and CryptoPunks experienced a 44% and 41% dip, respectively.
Interestingly, after breaking their sales records twice in March with an Alien CryptoPunk selling for $16 million and CryptoPunk #7804 fetching $16.4 million, CryptoPunks could only manage an overall sales volume of $15 million in May.
Despite the overall downturn, a few collections did manage to buck the trend. Fantasy Top from the social finance (SocialFi) project witnessed substantial growth, thrusting Blast into the leading NFT blockchains. Similarly, blockchain game Guild of Guardians on Immutable saw sales volumes surge by 69%, contributing to a 23% rise in the blockchain’s overall sales. Solana-based DogeZuki Collection and Solana Monkey Business were the other gainers, reflecting an impressive 130% and 74% growth, respectively.