Blockchain-based digital collectibles encountered a slowdown in May 2024 following a surge in April, as reported by data tracker CryptoSlam.

On May 31, the data platform for nonfungible tokens (NFTs) revealed that NFTs exhibited a global sales volume of $624 million over the last 30 days. This marked a significant 54% decrease in the overall NFT sales compared to April, when the sales volume surpassed $1 billion.

Decline in Bitcoin, Ethereum, and Solana NFTs

Among the major blockchains utilized for nonfungible tokens, Bitcoin, Ethereum, and Solana witnessed a decline in sales volume during May.

While Bitcoin-based NFTs generated sales worth over $179 million in the recent 30-day period, they also experienced a considerable drop in sales volume.

According to CryptoSlam, Bitcoin NFT sales have plummeted by 68% compared to April.

Meanwhile, Ethereum and Solana, ranking second and third in sales volume respectively, also saw a downturn in May. Data indicated a 55% and 48% decline in sales volume for these blockchains.

In the top 10 NFT collections, Solana's Mad Lads and Ethereum's CryptoPunks and Bored Ape Yacht Club (BAYC) witnessed significant declines.

BAYC recorded the most substantial decrease in sales volume, with a 54% decline. Mad Lads experienced a 44% drop, while CryptoPunks saw a 41% decrease.

Breakdown of Top NFT Collections

In March, the renowned NFT collection CryptoPunks achieved record-breaking sales twice. A rare alien CryptoPunk was sold for $16 million on March 4, followed by another milestone sale of CryptoPunk #7804 for $16.4 million on March 20.

Despite the momentum in March, the collection only garnered $15 million in total sales volume in May.

Exception to the Trend

While the overall NFT sales volume declined in May, certain collections observed growth. The social finance project Fantasy Top reported significant expansion, propelling Blast into the top blockchains for NFTs.

Besides Fantasy Top, the Immutable-based blockchain game Guild of Guardians saw a noteworthy 69% surge in sales volume, contributing to the blockchain's overall increase. Immutable recorded a 23% growth in sales volume in May.

On Solana, the DogeZuki Collection and Solana Monkey Business emerged as the top gainers, with 130% and 74% growth, respectively.