NFT sales dropped from $1 billion in April to $624 million in May, with Bitcoin, Ethereum, and Solana-based digital collectibles significantly declining.

In May 2024, blockchain-based digital collectibles experienced a significant slowdown, with NFT sales volume dropping 54% from April's $1 billion to $624 million, according to CryptoSlam.

Key Highlights:

1. Overall Decline:
- Sales Volume: NFT sales volume fell sharply in May compared to April, signaling a general downturn in the market.

2. Major Blockchains Affected:
- Bitcoin NFTs: Saw a significant drop of 68% in sales volume, despite recording over $179 million.
- Ethereum and Solana NFTs: Also declined, with Ethereum down 55% and Solana down 48%.

3. Top NFT Collections Suffer:
- Bored Ape Yacht Club (BAYC): Experienced the highest decline among top collections, with a 54% drop.
- Mad Lads (Solana-based): Sales volume declined by 44%.
- CryptoPunks: Saw a 41% drop, despite previously breaking sales records in March.

4. Record-Breaking Sales in March:
- CryptoPunks: Achieved record sales in March with a rare alien CryptoPunk sold for $16 million and CryptoPunk #7804 for $16.4 million. However, the collection only recorded $15 million in sales volume in May.

5. Collections Bucking the Trend:
- Fantasy Top: SocialFi project experienced significant growth, pushing the Immutable blockchain's volume up.
- Guild of Guardians: Immutable-based game saw a 69% increase in sales volume.
- DogeZuki and Solana Monkey Business (Solana-based): Showed growth with 130% and 74% increases, respectively.

Implications:
The sharp decline in NFT sales volume across major blockchains indicates a cooling period for the market, contrasting the growth seen in April. However, the success of certain collections like Fantasy Top and Guild of Guardians demonstrates that niche projects and new entrants can still achieve significant growth even during broader market downturns.