According to data tracker CryptoSlam, blockchain-based digital collectibles experienced a slowdown in May following an uptick in April 2024.

As of May 31, the nonfungible token (NFT) data platform reported a global sales volume of $624 million for the last 30 days, marking a 54% decrease compared to April, which saw NFT sales surpassing $1 billion.

Bitcoin, Ethereum, and Solana NFTs saw declining sales volumes in May. Despite Bitcoin-based NFTs generating over $179 million in sales volume in the past month, they also exhibited one of the largest declines, with a 68% decrease compared to April.

Similarly, Ethereum and Solana, ranked second and third by sales volume, experienced downward trends in May, with sales volume dropping by 55% and 48% respectively.

Among the top 10 NFT collections, Solana-based Mad Lads and Ethereum-based collections CryptoPunks and Bored Ape Yacht Club (BAYC) experienced significant declines. BAYC saw the highest decrease, with its sales volume dropping by 54%, followed by Mad Lads with a 44% decline, and CryptoPunks with a 41% drop.

In March, CryptoPunks set sales records twice, with a rare alien CryptoPunk selling for $16 million on March 4, followed by another record-breaking sale of CryptoPunk #7804 for $16.4 million on March 20. However, despite the uptick in March, CryptoPunks recorded only $15 million in overall sales volume in May.

Despite the overall decline in NFT sales volume in May, some collections experienced growth. The SocialFi project Fantasy Top saw significant growth, propelling Blast into the top blockchains for NFTs.

Additionally, Immutable-based blockchain game Guild of Guardians recorded a 69% increase in sales volume in May, contributing to the blockchain's overall growth of 23% according to CryptoSlam.

On Solana, the DogeZuki Collection and Solana Monkey Business were the top gainers, with growth rates of 130% and 74% respectively.