The global sales of NFTs experienced a significant slowdown in May 2024, following an upward trend in April. According to data from CryptoSlam, a tracking agency, sales dropped to $624 million, a 54% decrease from the over $1 billion recorded in April. This downturn affected several major blockchains and top NFT series, with notable declines in sales across Bitcoin, Ethereum, and Solana-based NFTs.
The slowdown was observed in the data covering the past 30 days, leading up to the report published in May 2024. This downturn in NFT sales occurred globally, affecting various digital platforms and marketplaces where these blockchain-based digital collectibles are traded.
Bitcoin-based NFTs, which led sales in the past month, saw their revenue drop by 68%, totaling over $179 million. Ethereum and Solana, the next highest-selling blockchains, also witnessed significant declines, with sales dropping by 55% and 48%, respectively. Among individual NFT series, the Bored Ape Yacht Club experienced the largest decline at 54%, while Mad Lads and CryptoPunks saw their sales decrease by 44% and 41%, respectively.
The NFT market has been characterized by high volatility, with periodic surges in buying activity and subsequent declines. The market’s performance is influenced by various factors including investor sentiment, broader market trends in the cryptocurrency space, and changes in consumer interest. The recent slowdown reflects a cooling-off period following a robust April, and it highlights the unpredictable nature of the NFT market. The decline in sales across major blockchains and popular NFT series may prompt stakeholders to reassess their strategies and possibly innovate to attract and retain interest in this unique digital asset class.
