Non-fungible tokens (NFTs) have been a booming market in the cryptocurrency world, but recent data shows a significant slump in sales for the month of May. Global NFT sales totaled US$604 million, marking the lowest monthly performance since October of last year. This also marked the first month in 2021 where sales fell below the US$1 billion mark. Ethereum, the leading blockchain for NFT sales with a historic volume of over US$43 billion, experienced a considerable downturn in May with only US$164 million in sales, the lowest since September.
Looking closer at Ethereum’s performance last month, it is evident that the network experienced a decline in unique buyers as well. With only 56,914 unique buyers, this marks the lowest NFT buyer count for Ethereum since June of 2021. The slump in NFT sales was not exclusive to Ethereum, as the Bitcoin network also saw a decrease in sales. Bitcoin had US$160 million in monthly sales in May, the lowest since October of last year. The network also experienced a decline in both buyers and sellers, with this year’s lowest count recorded in May.
Amidst the overall sales slump in most major blockchains, Solana stood out as an exception. Despite the downtrend in the market, Solana managed to have US$93 million in monthly sales, marking the first time the blockchain recorded sales under US$100 million since November of last year. Solana also set new records for monthly unique buyers and sellers, with 346,229 and 594,555 addresses respectively. However, despite the high level of activity on the network, the average NFT price on Solana is falling, with the US$37.8 average monthly sales value marking the lowest point for the year.
The decrease in NFT sales across major blockchains in May could be attributed to various factors. Market fluctuations, investor sentiment, and overall interest in NFTs may have all played a role in the decline. With Ethereum and Bitcoin experiencing their lowest monthly sales in months, it is clear that the NFT market is not immune to volatility. However, Solana’s performance in May suggests that there are still opportunities for growth and activity in the NFT space, despite the overall slump in sales.
As the NFT market continues to evolve, it will be interesting to see how different blockchains adapt to the changing landscape. While Ethereum and Bitcoin may have experienced a slump in May, Solana’s performance highlights the potential for growth and activity in the NFT space. Investors and enthusiasts will be watching closely to see how the market rebounds in the coming months and what new developments will shape the future of NFT sales on different blockchain networks.
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