NFT Sales Decline Continues, Reaching $150.56 Million
Between May 10 and May 17, the total sales of non-fungible tokens (NFTs) amounted to $150.56 million, marking a decrease of 8.97% compared to the previous week. This decline in NFT sales has been consistent, with four out of the top five blockchains experiencing reductions in sales volume during this period.
The trend of declining NFT sales can be observed since February, when sales reached a peak of $306 million between Feb. 17 and Feb. 24. Despite the climb in cryptocurrency prices in March, NFT sales have been disappointing, and April figures did not show any improvement. The month of May continues this trend, as last week’s digital collectible sales dropped by 13%, and this week saw a further 8.97% decrease, resulting in a total of $150.56 million in sales.
This decrease in weekly sales volume exceeds more than half of the record set in February. Ethereum has consistently held the second position in weekly sales, while Bitcoin has consistently dominated, surpassing Ethereum each week. In the most recent week, Bitcoin led the pack with $48.32 million in NFT sales. However, even with this lead, Bitcoin-centric NFT sales were down by 4.42%.
Ethereum secured the second spot with $37.6 million in NFT sales, an 8% decline from the previous week. Solana experienced a significant decrease in NFT sales, reaching $18.82 million, marking a decline of 26.71%. Blast, a newcomer to the top five NFT sales ranks, reported $14.87 million in digital collectible sales, a decrease of 25.67% this week. Polygon claimed the fifth position with $11.95 million in NFT sales, showing a 16.94% increase from the previous week.
In terms of NFT collections, Uncategorized Ordinals generated $17.79 million in sales this week, experiencing a weekly decrease of 24.66%. Blast’s Fantasy Top ranked second with $14.85 million in sales. Mythos Dmarket placed third with $5.8 million, followed by Bitcoin’s Nodemonkes in fourth with $5.58 million. The Core BRC20s collection achieved $3.43 million in sales, securing the fifth position.
The most expensive NFT sold this week was Cryptopunk #741, which fetched $792,046. The second-highest sale was an Ordinal inscription that sold for $681,497. Mad Lads #3919 went for $73,368, while Earthnode #184 from Cardano sold for $56,026. Lastly, the fifth most expensive NFT, from the Blast chain, sold for just over $39,000.
What are your thoughts on the latest NFT sales? Feel free to share your opinions and comments on this subject below.
