Nfts
May NFT Sales Show Worst Performance Since October
Global sales of non-fungible tokens (NFTs) totaled $604 million in May, the weakest monthly performance since last October and the first month this year with sales below $1 billion.
Ethereum, the leading global blockchain for NFT sales with a historic sales volume of over $43 billion, had revenue of $164 million last month, its lowest level since September.
The network must look even further back in time to match its latest number of unique buyers.
Last month, Ethereum had 56,914 unique buyers, according to data from CryptoSlam, the lowest number of NFT buyers on the blockchain since June 2021.
The decline in NFT sales was also visible on the Bitcoin network, which recorded $160 million in monthly sales, the lowest since October. There has been a decline in the number of buyers and sellers, recording the lowest number this year.
While the decline in sales was evident across most major blockchains, Solana bucked the trend in terms of activity.
Solana achieved monthly revenue of $93 million, the first time the blockchain has seen less than $100 million since last November.
Solana set new records for monthly unique buyers and sellers, with 346,229 and 594,555 addresses, respectively.
However, the average NFT price on the network is falling. Its average monthly sales value of US$37.8 is the lowest this year.