Overview

The non-fungible token (NFT) market faced significant challenges in the recent month, experiencing a sharp decline in sales volume and floor prices. Data from a leading on-chain crypto assets market aggregator revealed a substantial drop of over 50% in the global NFT market sales volume, marking the lowest point since October 2023.

NFT Market Performance

During the past 30 days, the global NFT market witnessed a total trading sales volume of $625 million, indicating a notable 54.71% decrease compared to the previous month. In this analysis, we delve into the current status of the NFT market in May 2024.

Impact on Major Blockchain Networks

• Bitcoin: Renowned for powering Ordinals and BRC-20 NFT collections, Bitcoin emerged as the most traded blockchain network in the NFT ecosystem this month. Despite its dominance, Bitcoin-based NFT sales volume plummeted by 68% over the 30-day period.

• Ethereum: Serving as the foundation for Ether and hosting prominent blue-chip NFT collections, Ethereum ranked as the second most-traded NFT blockchain network. However, Ethereum NFT sales declined by 55% compared to the previous month.

• Solana: With its support for smart contracts and diverse decentralized applications, Solana secured the third position in NFT trading activities. Nonetheless, Solana NFT sales experienced a decline of 48% in the same period.

Top Selling NFT Collections

1. Bitcoin Uncategorized NFTs

The Bitcoin Uncategorized collection, featuring an array of unidentified digital assets on the Bitcoin blockchain, emerged as the highest selling NFT collection in May. Despite its popularity, the collection saw a drastic 70% decrease in sales volume.

2. Fantasy Top NFT Collection

Fantasy Top, a collection from the NFT SocialFi trading card game built on Blast, the Ethereum Layer 2 blockchain, secured the second spot in NFT sales with a total volume of $51 million.

3. DMarket NFT Collection

The DMarket collection from the virtual asset marketplace hosted on Mythos Chain ranked third in terms of sales. However, the collection witnessed a decline of 13.55% in sales volume compared to the previous month.

4. NodeMonkes NFT Collection

Featuring a limited supply of 10,000 NFTs created on the Bitcoin blockchain using the ordinal protocol, NodeMonkes occupied the fourth position in NFT sales, with a sales volume of $21 million.

5. Guild Of Guardians NFT Collection

Guild of Guardians, a mobile NFT RPG collection, experienced a significant surge of 63% in sales volume, making it the fifth top-selling collection in May.

6. CryptoPunks NFT Collection

CryptoPunks, previously owned by Larva Labs and now under Yuga Labs, with a limited supply of 10,000 NFTs, ranked sixth in sales volume, witnessing a 41% decline.

7. Bored Ape Yacht Club NFT Collection

The Bored Ape Yacht Club, known for its limited edition NFTs on the Ethereum network, secured the seventh position in NFT sales with a volume of $11 million.

8. Gods Unchained NFT Collection

Gods Unchained, a digital trading card game collection on Immutable X, ranked eighth in sales volume, experiencing a 22% decrease compared to the previous month.

9. Mad Lads NFT Collection

The Mad Lads NFT collection from Coral's Solana infrastructure project occupied the ninth spot in NFT sales, witnessing a decline of 44% in sales volume.

10. DogeZuki NFT Collection

DogeZuki, featuring 2,800 Shiba Inu-inspired NFTs on the Solana network, emerged as the tenth most-selling NFT collection, experiencing a notable surge of 127% in sales volume.

Conclusion

The landscape of the NFT market in May 2024 reflects a significant downturn in sales volume across major blockchain networks. While some collections saw remarkable surges, overall market performance witnessed a substantial decline. These trends emphasize the volatility and dynamic nature of the NFT market, shaping the future trajectory of digital asset trading.