In May, global sales of non-fungible tokens (NFTs) dropped to US$604 million, marking the weakest monthly performance since last October and the first time this year that sales fell below US$1 billion.

Ethereum, the top blockchain for NFT transactions, with a historical sales volume exceeding US$43 billion, saw its sales plummet to US$164 million in May, the lowest since September. The network also witnessed a significant drop in unique buyers, with only 56,914, the lowest count since June 2021, based on data from CryptoSlam.

Bitcoin's network experienced a similar downturn. Monthly sales on Bitcoin fell to US$160 million, the lowest since October, alongside a decrease in both buyers and sellers, marking the lowest numbers this year.

While many major blockchains faced declining sales, Solana showed a different trend in activity. Solana's monthly sales were US$93 million, dipping below US$100 million for the first time since last November. However, it set new records for unique buyers and sellers, reaching 346,229 and 594,555 addresses, respectively. Despite this, the average price of NFTs on Solana fell to US$37.8, the lowest average this year.

In summary, May was a challenging month for NFT sales across most major blockchains, with Ethereum and Bitcoin experiencing significant drops. Solana, although showing robust activity, also faced a decrease in average NFT prices.