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The non-fungible token market has had another difficult month, marked by low sales volumes and lower price values. The global NFT market turnover fell by more than 50% in the month ended, the lowest trading turnover since October 2023. In this article, we will evaluate the full state of the NFT market in May 2024.
NFT sales are down 54% this month
Data collected by cryptoslam.ioOn-Chain Crypto Asset Market Aggregator and Cross-Chain NFT Explorer show that the global NFT market has declined again this month. In the past 30 days, the global NFT market has raised $625 million in trading volume, representing a 54.71% decrease from last month.
Bitcoin, the blockchain network popular in the NFT market for powering Ordinals and BRC-20 non-fungible token sets, is the most traded blockchain network this month in the NFT ecosystem. In the past 30 days, Bitcoin-based NFT collections have recorded a sales volume of $181 million. Bitcoin NFT sales volume is down 68% this month compared to last month.
Source: cryptoslam.io, NFT sales by blockchain in the past 30 days
Ethereum, the blockchain network that powers Ether and is popular in the NFT market for hosting the most non-fungible token pools, is the second most traded NFT blockchain network this month. In the past 30 days, Ethereum-based NFT collections have recorded a trading volume of $165 million. Ethereum NFT sales are down 55% from last month.
Solana, an open-source public blockchain network that supports smart contracts, including non-fungible tokens and various decentralized applications, is the third most traded NFT blockchain network this month. In the past 30 days, Solana-based NFT collections have recorded a trading volume of $93 million. Solana NFT sales are down 48% from last month.
Blast, an Ethereum layer-2 blockchain network from the Blur NFT marketplace team, and Polygon, an Ethereum scaling solution, were the fourth and fifth most traded NFT chains in May. In the past 30 days, Blast-based NFTs have amassed $55 million in sales volume, while Polygon-based NFTs have raised $50 million in trading sales volume.
Ten best-selling NFTs in May 2024
Source: cryptoslam.io, Best-selling NFTs of the past 30 days
1. Unclassified Bitcoin NFT Tokens
Bitcoin Uncategorized, a ranking set containing a variety of digital assets on the Bitcoin blockchain that have not yet been identified as part of an established set, was the best-selling NFT set this month. In the past 30 days, unclassified NFT collections recorded a trading sales volume of $74 million, but sales volume is down 70% this month.
2. Fantasy Top NFT Collection
Fantasy Top, an NFT set from Fantasy Top, SocialFi’s NFT trading card game built on the new Ethereum Layer 2 chain, Blast, was the second best-selling NFT set this month. In the past 30 days, the Fantasy Top NFT collection has generated a trading volume of $51 million.
3. DMarket NFT Collection
DMarket, a collection of non-fungible tokens from the virtual asset market platform DMarket hosted on Mythos Chain, is the third best-selling NFT collection this month. In the past 30 days, DMarket NFT Group has recorded a trading volume of $24 million. DMarket NFT sales are down 13.55% from last month.
4. NodeMonkes NFT Collection
NodeMonkes, a non-fungible token pool featuring a limited supply of 10,000 NFTs created on the Bitcoin blockchain using the ordinal protocol, is the fourth best-selling NFT pool this month. In the past 30 days, the NodeMonkes NFT group has achieved a sales volume of $21 million. NodeMonkes NFT sales volume is down 33% from last month.
5. Guardians Guild NFT Collection
Guild of Guardians NFT Collection, a mobile NFT RPG where players take teams of heroes through challenging dungeons to collect resources, is the fifth best-selling NFT collection this month. In the past 30 days, the Guild of Guardians NFT collection has attracted a trading volume of $17 million. NFT sales for Guild of Guardians rose 63% in the past month.
Source: cryptoslam.io, Best-selling NFTs of the past 30 days
6. CryptoPunks NFT Collection
CryptoPunks, a non-fungible token pool formerly from Larva Labs but now owned by digital asset company Yuga Labs and featuring a limited supply of 10,000 NFTs, is the sixth best-selling NFT pool this month. In the past 30 days, the CryptoPunks NFT collection has generated a sales volume of $15 million. CryptoPunks NFT sales are down 41% from last month.
7. Bored Ape Yacht Club NFT Collection
Bored Ape Yacht Club, the best-selling NFT collection ever from digital asset incubation studio Yuga Labs that features a limited edition of 10,000 NFTs hosted on the Ethereum blockchain, was the seventh best-selling NFT collection this month. In the past 30 days, Bored Ape Yacht Club has generated a trading turnover of $11 million. Bored Ape NFT trading volume is down 54% this month compared to last month.
8. Gods Unchained NFT Collection
Gods Unchained, a non-fungible token set from the digital trading card game Gods Unchained hosted on Immutable In the past 30 days, the Gods Unchained NFT group has recorded a trading volume of $10 million. Gods Unchained NFT sales volume is down 22% from last month.
9. Mad Lads NFT Collection
Mad Lads, a non-fungible token set from infrastructure development project Solana Coral that features a limited edition of 10,000 NFTs, was the ninth best-selling NFT set for the month. In the past 30 days, the Mad Lads NFT group has recorded a trading volume of $10 million. Mad Lads NFT sales volume is down 44% from last month.
10. DogeZuki NFT Collection
DogeZuki, an NFT set with a fixed edition of 2,800 Shiba Inu-inspired NFT items hosted on the Solana network, was the tenth best-selling NFT set. In the past 30 days, the DogeZuki NFT group has raised $9.8 million in trading volume. DogeZuki NFT sales volume is up 127% from last month.
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