The global non-fungible token (NFT) market experienced a notable downturn in May, with total sales amounting to $604 million, marking the lowest monthly performance since October and the first instance this year of sales falling below the $1 billion mark.
Ethereum, renowned as the foremost blockchain for NFT transactions with a storied sales volume exceeding $43 billion, saw a significant drop in sales last month, totaling $164 million, the lowest figure since September. Moreover, Ethereum’s latest count of unique buyers dipped to levels not seen since June 2021, standing at 56,914, as per CryptoSlam data.
The decline in NFT sales was also evident on the Bitcoin network, which registered $160 million in monthly sales, the lowest since October. Both the number of buyers and sellers decreased, hitting their lowest points for the year.
In contrast, Solana emerged as an exception to the prevailing trend, showcasing resilience in terms of activity despite the broader market downturn. With $93 million in monthly sales, Solana marked its first instance of sales dropping below $100 million since November. Notably, Solana achieved new milestones for monthly unique buyers and sellers, boasting figures of 346,229 and 594,555 addresses, respectively.
However, the average NFT price on the Solana network experienced a decline, with an average monthly sales value of $37.8, representing the lowest point recorded this year.
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