Back to the list

Mid-May NFT Sales Drop by 8.97%, Top 4 Chains See Reductions

source-logo  news.bitcoin.com 18 May 2024 18:03, UTC

Between May 10 and May 17, non-fungible token (NFT) sales totaled $150.56 million, marking an 8.97% decline from the previous week’s figures. NFT sales have consistently decreased on a weekly basis, as four out of the top five blockchains by sales volume experienced reductions during this period.

NFT Market Sees Consistent Decline

In February, from Feb. 17 to Feb. 24, NFT sales reached $306 million. Although cryptocurrency prices climbed in March, NFT sales experienced a decline, with April figures equally underwhelming. May follows this trend, as last week’s digital collectible sales dropped by 13%, and this week saw a further 8.97% decrease, totaling $150.56 million.

This marks a weekly sales volume loss exceeding half of February’s seven-day record. Additionally, Ethereum has consistently held the second position in weekly sales for weeks, while Bitcoin has dominated, surpassing Ethereum each week. In the most recent week, Bitcoin led the pack with $48.32 million in NFT sales. Despite the lead, Bitcoin-centric NFT sales were down 4.42%.

Ethereum secured the second spot with $37.6 million in NFT sales, an 8% decline from the previous week. Solana’s NFT sales reached $18.82 million, marking a 26.71% decrease. Blast, a newcomer to the top five NFT sales ranks, reported $14.87 million in digital collectible sales, down 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.

Regarding NFT collections, Uncategorized Ordinals generated $17.79 million in sales this week, a 24.66% weekly decrease. 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 fifth top collection was Core BRC20s, which achieved $3.43 million in sales.

The most expensive NFT sold this week was Cryptopunk #741, fetching $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 do you think about the week’s latest NFT sales? Share your thoughts and opinions about this subject in the comments section below.