BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
FOLLOW
BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
BlockNews

NFT Market Sees Sharp Decline in Sales Volume Across Major Blockchains in May

by Matoy
May 31, 2024
in Breaking News, NFT
A A
2
SHARES
Share on TwitterShare on Reddit
  • May witnessed a significant 54% drop in global NFT sales volume, totaling $624 million compared to April’s $1 billion.
  • Bitcoin, Ethereum, and Solana NFT sales experienced steep declines, with Bitcoin NFTs dropping by 68%.
  • Despite overall market downturn, select collections on Solana and Immutable platforms displayed remarkable growth.

The digital collectibles market faced a notable slowdown in May, reversing the gains observed in April. Data from CryptoSlam, a platform tracking nonfungible token (NFT) transactions, indicated that the total NFT sales volume plummeted to $624 million, marking a 54% decline from the previous month’s figures.

The decrease was particularly pronounced across leading blockchains known for NFT transactions. Bitcoin-based NFTs, despite achieving over $179 million in sales, experienced one of the most significant drops, with sales volume decreasing by 68% compared to April. Ethereum and Solana, holding the second and third spots in blockchain rankings by sales volume, also saw declines of 55% and 48%, respectively.

Impact on Top NFT Collections

The downturn impacted several top NFT collections. Notably, the Bored Ape Yacht Club on Ethereum registered a 54% decrease in sales volume, marking it as one of the biggest losers this month. Other collections like Mad Lads on Solana and CryptoPunks on Ethereum also saw substantial declines, with sales dropping 44% and 41% respectively.

ICYMI: The NFT market saw a significant decline in May, with NFT sales volume plummeting by 54% to $624 million compared to April's figures

— BlockNews.com (@blocknewsdotcom) May 31, 2024

Despite these downturns, March had seen significant spikes in interest and sales for collections like CryptoPunks, which had record-breaking sales, including a rare alien CryptoPunk fetching $16 million.

Bright Spots in the NFT Landscape

Contrary to the general market trend, certain NFT collections and platforms managed to record growth. The Fantasy Top collection under the SocialFi project and the Immutable-based blockchain game Guild of Guardians saw increases in sales volume by 69%, contributing to a 23% overall growth for the Immutable platform in May.

On the Solana blockchain, the DogeZuki Collection and Solana Monkey Business stood out with sales increases of 130% and 74%, respectively, showcasing significant market resilience and investor interest despite the broader downturn.

As the digital collectibles market continues to evolve, these fluctuations highlight the volatile nature of NFT investments and the diverse performance across different platforms and collections. While some sectors face challenges, others find new opportunities for growth, underscoring the dynamic and ever-changing landscape of the blockchain and NFT industries.

Tags: BAYCNFT
Tweet1ShareShare1

DON'T MISS THESE! HOT OFF THE PRESS

FIFA Teams Up With Avalanche To Launch Its Own Blockchain—Here’s What It Means
Crypto

FIFA Teams Up With Avalanche To Launch Its Own Blockchain—Here’s What It Means

May 24, 2025
Hester Peirce Slams SEC for Killing NFT Innovation: Confirms Many NFTs are NOT Securities
Crypto

Hester Peirce Slams SEC for Killing NFT Innovation: Confirms Many NFTs are NOT Securities

May 19, 2025
Conflicting Signals for AVAX: NFT Mania vs. Weak Demand
Crypto

Conflicting Signals for AVAX: NFT Mania vs. Weak Demand

May 17, 2025
JRNYERS on Cardano: A New Chapter Begins Right Now
Cardano

JRNYERS on Cardano: A New Chapter Begins Right Now

May 16, 2025
Yuga Labs Transfers CryptoPunks IP to Nonprofit for Preservation: Is This Bullish or Bearish?
Crypto

Yuga Labs Transfers CryptoPunks IP to Nonprofit for Preservation: Is This Bullish or Bearish?

May 13, 2025
DeGods Undergo Major Leadership Change: Frank DeGods Stepping Down as CEO
Crypto

DeGods Undergo Major Leadership Change: Frank DeGods Stepping Down as CEO

May 12, 2025
Load More

Related News

Chainlink’s Bullish Setup: Why LINK Could Follow Bitcoin to New Highs

Chainlink’s Bullish Setup: Why LINK Could Follow Bitcoin to New Highs

May 24, 2025
FIFA Teams Up With Avalanche To Launch Its Own Blockchain—Here’s What It Means

FIFA Teams Up With Avalanche To Launch Its Own Blockchain—Here’s What It Means

May 24, 2025
Sui Faces Its First Major Governance Crisis After $223M Cetus Hack

Sui Faces Its First Major Governance Crisis After $223M Cetus Hack

May 24, 2025
Cardano (ADA) Blasts Through Key Levels — Is This the Comeback We’ve Been Waiting For?

Cardano (ADA) Blasts Through Key Levels — Is This the Comeback We’ve Been Waiting For?

May 24, 2025
Dogecoin Is Warming Up for a Monster Breakout – Are the “God Candles” Coming?

Dogecoin Is Warming Up for a Monster Breakout – Are the “God Candles” Coming?

May 24, 2025
Discord Twitter Youtube TikTok Instagram

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology twitter US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • Home
  • Crypto
  • Memecoins
  • Technology
  • Politics
  • Finance
  • NFT
  • DeFi
  • Opinion

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.