Introduction

In May 2024, the NFT market experienced a notable downturn, following a strong performance in April. According to data from CryptoSlam, global NFT sales reached $624 million in the past 30 days, marking a substantial 54% decrease from April's impressive volume of over $1 billion.

Sales Decline in the NFT Sector

Prominent blockchain networks such as Bitcoin, Ethereum, and Solana witnessed a decline in NFT sales during May. Bitcoin NFTs garnered over $179 million in sales, but this still represented a significant 68% drop from April. Ethereum and Solana, the second and third largest networks for NFT sales, saw declines of 55% and 48%, respectively. Among the top 10 NFT collections, Solana’s Mad Lads and Ethereum’s CryptoPunks and Bored Ape Yacht Club (BAYC) faced the most significant losses. BAYC experienced the largest drop with a 54% decrease, Mad Lads fell by 44%, and CryptoPunks dropped by 41%.

Notable Details

Despite the overall decline, some NFT collections showed remarkable growth. The SocialFi project Fantasy Top recorded impressive gains, propelling the Blast network into the top ranks of blockchain networks for NFTs. Additionally, the Immutable-based game Guild of Guardians saw a 69% increase in sales, leading to a 23% growth for the Immutable blockchain in May. On Solana, the DogeZuki Collection and Solana Monkey Business were the standout performers, with growth rates of 130% and 74%, respectively.

Conclusion

May 2024 was a challenging month for the NFT market, with significant declines in sales volume across major blockchain networks. Despite this, certain collections managed to thrive, highlighting the dynamic and evolving nature of the NFT space.