SNEAK PEEK
- Ethereum’s May NFT sales hit a low of $164M, with unique buyers dropping to the most minor count since June 2021.
- Bitcoin network’s NFT sales fell to $160M in May, marking the lowest monthly performance this year with declining buyer and seller activity.
- Solana defies the trend with high user activity, but its average NFT price in May dropped to the lowest value recorded this year at $37.8.
In May, global non-fungible token (NFT) sales totaled US$604 million, marking the lowest monthly performance since October of the previous year. This month also became the first in 2024 to witness sales dropping below the US$1 billion mark. The downturn in NFT sales affected almost all major blockchains, with only a few exceptions.
Ethereum Faces Record Low Sales and Buyer Numbers
Ethereum is recognized as the leading blockchain for NFT sales, with a historical volume exceeding US$43 billion, and experienced a sharp decline in May. The network reported sales of US$164 million, its lowest figure since September.
Additionally, Ethereum registered just 56,914 unique buyers, the smallest count since June 2021. This reduction in both sales and buyer numbers underscores the broader trend of declining interest and activity within the NFT market on Ethereum.
The Bitcoin network also saw a notable decline in NFT sales, reporting US$160 million for the month. This amount represents the lowest monthly sales figure since October of the previous year. Both buyer and seller activity diminished, reaching the lowest counts recorded in 2024. The data indicates a broader cooling off in NFT transactions on the Bitcoin blockchain, mirroring the trend seen on Ethereum.
Solana Defies Trends, but Average Prices Fall
Unlike Ethereum and Bitcoin, Solana demonstrated resilience in terms of activity. The blockchain recorded US$93 million in sales, marking the first instance of sales falling below US$100 million since November.
Despite the lower sales value, Solana set new records for monthly unique buyers and sellers, with 346,229 and 594,555 addresses, respectively, engaging in transactions. However, the average price of NFTs on Solana dropped to US$37.8, the lowest average monthly sales value recorded this year.