NFT Sales Decline in May 2024 Despite April's Surge: CryptoSlam Data Reveals
Summary:
Despite a noteworthy surge in April 2024, May saw a significant decrease in sales of blockchain-based digital collectibles globally, with a 54% drop in overall nonfungible tokens (NFT) sales volume. Bitcoin, Ethereum, and Solana-backed NFTs particularly suffered the decline. However, NFT collections such as the SocialFi project Fantasy Top and the Immutable-supported blockchain game, Guild of Guardians, saw considerable growth in May, deviating from the downward trend.
Despite a surge in sales in April 2024, digital collectibles on the blockchain experienced a dip in May, CryptoSlam, a nonfungible token (NFT) data tracking platform, has revealed. CryptoSlam reported that NFTs witnessed a total sales volume of $624 million in the past 30 days as of May 31st, marking a 54% decrease from the over $1 billion sales volume recorded in April. The sales volumes of Nonfungible tokens backed by Bitcoin, Ethereum, and Solana have reduced in May. In the previous 30 days, Bitcoin-based NFTs recorded over $179 million in sales volume, seeing one of the most substantial decrements in sales with a 68% decrease from April figures as per CryptoSlam data. The 2nd and 3rd blockchains with the most sales volume, Ethereum and Solana, also witnessed a declining scale in May with their sales volumes reducing by 55% and 48%, respectively. In the list of ten highest-selling NFT collections, Solana-backed Mad Lads alongside Ethereum-backed CryptoPunks and Bored Ape Yacht Club (BAYC) collections experienced the sharpest reductions. BAYC paved the way with a significant 54% decrease in sales volume, trailed by Mad Lads with a 44% drop and CryptoPunks with a 41% decline. There were record-breaking sales in March as CryptoPunk set a new high record with an alien CryptoPunk having sold at $16 million on March 4 and CryptoPunk #7804 being bought at a whopping $16.4 million on March 20. Despite these heights, the total sales for CryptoPunks in May only amounted to $15 million. Some NFT collections drifted from the pattern by recording growth in sales volume. Fantasy Top, a SocialFi project, showcased remarkable growth in May, thereby placing the social finance platform, Blast, in the list of leading blockchains for NFTs. The Immutable-supported blockchain game, Guild of Guardians, had a 69% increase in sales adding to the increase in the blockchain's overall volume. CryptoSlam data showed that Immutable endured a 23% increment in sales volume last month. A 130% and 74% uptick in sales volume was seen from DogeZuki Collection and Solana Monkey Business on Solana.
Published At
5/31/2024 3:34:28 PM
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