NFT Market Slips in May Despite Buyer Growth and Gains From Bitcoin, Avalanche

Based on the most recent figures, non-fungible tokens (NFTs) generated approximately $474 million in sales throughout May, marking a 21.25% decline compared to April’s total.

NFT Market Declines in May

NFT sales maintained their downward trajectory in May, with monthly figures falling short by $127.9 million compared to the prior month. Although the number of NFT buyers climbed by 16.45% and sellers edged up by 1.57%, based on data from cryptoslam.io, total sales told a different story. Ethereum-based NFTs held the lead with $140.39 million in sales, accounting for roughly 29.63% of May’s total volume.

Despite topping the charts, Ethereum NFTs posted a 20.97% drop compared to April. Bitcoin claimed second place with $74.51 million, reflecting a 20.16% increase from the prior month. Polygon followed in third with just over $73 million, although this figure represented a 47.38% fall. Avalanche posted the sharpest growth, soaring 1208.40% in May with $31.21 million in volume, largely fueled by the launch of XSY Deposit by XSY.

Top five blockchains in terms of NFT sales in May. Source: cryptoslam.io

Polygon’s Courtyard collection led all others in May, amassing $59.51 million in sales. Close behind was Dmarket from the Polkadot-based Mythos project, which brought in about $39.32 million. XSY Deposit secured third with $30.25 million. Among the top ten collections, Doodles posted the most dramatic gain, jumping 226.54% and pulling in $8.68 million during the month.

Ethereum remains the dominant chain in terms of lifetime NFT sales, standing at $45.77 billion following May’s update. Solana follows with $6.34 billion, while Bitcoin holds third with $5.4 billion. However, with BTC NFTs being a more recent addition, Bitcoin could potentially surpass the layer one chain this year if momentum continues. It trails Solana by just $940 million. Bitcoin also trails Ethereum by $40.37 billion.