June 4, 2024
Decline in NFT Sales
NFT

May 2024 Sees Significant Decline in NFT Sales

Blockchain-based digital collectibles, known as NFTs, experienced a significant slowdown in May 2024, according to data from the NFT data platform CryptoSlam. This downturn comes after an increase in sales observed in April.

Decline Across Major Blockchains

On May 31, CryptoSlam reported that the global NFT sales volume for the past 30 days was $624 million, marking a 54% decline compared to April’s volume, which exceeded $1 billion. This sharp drop affected the leading blockchains for NFTs, including Bitcoin, Ethereum, and Solana.

Bitcoin NFTs, which had amassed over $179 million in sales volume in the last 30 days, saw one of the steepest declines. According to CryptoSlam, Bitcoin NFT sales plummeted by 68% compared to April. Similarly, Ethereum and Solana, the second and third-ranked blockchains by sales volume, witnessed declines of 55% and 48%, respectively.

Major NFT collections suffer losses.

The decline in NFT sales volume also impacted some of the top NFT collections. Solana-based Mad Lads, along with Ethereum-based collections like CryptoPunks and Bored Ape Yacht Club (BAYC), were among the biggest losers in May. BAYC experienced the most significant drop, with its sales volume decreasing by 54%. MadLads saw a 44% decline, while CryptoPunks faced a 41% reduction. Despite CryptoPunks setting record sales in March, including a $16 million sale on March 4 and a $16.4 million sale on March 20, the collection recorded only $15 million in sales volume in May.

Bright Spots Amid the Downturn

Despite the overall decline in NFT sales, some collections bucked the trend with notable growth. The social finance (SocialFi) project Fantasy Top saw substantial growth in May, propelling Blast into the ranks of the top NFT blockchains. Additionally, the Immutable-based blockchain game Guild of Guardians achieved a 69% increase in sales volume, contributing to a 23% rise in Immutable’s overall volume, as reported by CryptoSlam.

On the Solana blockchain, the DogeZuki Collection and Solana Monkey Business were standout performers, with growth rates of 130% and 74%, respectively.

Upcoming Trends

While the overall NFT market experienced a significant downturn in May, as highlighted by CryptoSlam’s data, certain collections and projects demonstrated resilience and growth. As the NFT landscape continues to evolve, market participants will closely monitor trends and performance across different blockchain platforms and NFT collections.

Image by pikisuperstar on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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