Nfts
NFT sales hit lowest level since October
In May, global sales of non-fungible tokens (NFTs) saw a notable decline, totaling $604 million, marking the lowest monthly performance since October and the first month of the year with sales below $1 billion.
Ethereum, recognized as the leading blockchain for NFT sales, saw a decline in sales, recording $164 million in May, the lowest since September. The network also saw a decrease in unique buyers, with just 56,914 registered, the lowest number since June 2021.
Likewise, the Bitcoin network has seen a decline in NFT sales, with monthly sales totaling $160 million, the lowest since October. The network also reported a drop in the number of buyers and sellers, marking the lowest number of the year.
Contrary to the general trend, Solana has shown resilience in the NFT business. Despite declining sales across major blockchains, Solana recorded $93 million in monthly sales, the first time they have fallen below $100 million since last November. Solana set new records for monthly unique buyers and sellers, with 346,229 and 594,555 addresses, respectively.
However, despite the increased activity, Solana has seen a decline in the average NFT price, with an average monthly sale value of $37.8, the lowest this year. Despite the challenges faced by the NFT market in May, Solana’s performance highlights its growing importance in the NFT space.
Featured image: Freepik