Global non-fungible token (NFT) sales in May saw a significant drop, totaling $604 million, the lowest monthly performance since October and the first month of the year with sales below $1 billion.
Ethereum, known as the top blockchain for NFT sales, saw a decrease in sales in May, reaching $164 million, the lowest since September. The network also saw a decline in unique buyers, with only 56,914 recorded, the lowest count since June 2021.
Similarly, the Bitcoin network also experienced a decrease in NFT sales, totaling $160 million in May, the lowest since October. The network reported a drop in both buyers and sellers, marking the lowest count for the year.
In contrast, Solana showed resilience in NFT activity. Despite the sales decline on major blockchains, Solana recorded $93 million in monthly sales, falling below $100 million for the first time 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 experienced a drop in the average NFT price, with an average monthly sales value of $37.8, the lowest this year. Despite the challenges faced by the NFT market in May, Solana’s performance underscores its growing importance in the NFT space.
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