In May, the global market for non-fungible tokens (NFTs) experienced a sharp decline, with total sales amounting to $604 million. This marked the lowest monthly sales since October and was the first month in 2024 where sales fell below $1 billion.

Ethereum, the leading blockchain for NFT transactions, saw a significant dip in sales, recording just $164 million in May. This is the lowest sales figure since September. Additionally, the number of unique buyers on the Ethereum network dropped to 56,914, the lowest since June 2021.

Bitcoin Network Also Experiences Downturn

The Bitcoin network mirrored Ethereum’s decline in NFT sales, with total sales reaching only $160 million in May. This is the lowest monthly sales figure since October. Both the number of buyers and sellers on the Bitcoin network decreased, marking the lowest counts for the year.

In contrast to the overall market slump, Solana demonstrated resilience in NFT activity. Despite the general downturn, Solana recorded $93 million in sales for May. While this was the first time Solana’s monthly sales fell below $100 million since last November, the blockchain set new records for unique buyers and sellers, with 346,229 and 594,555 addresses respectively.

Average NFT Price Drops on Solana

Although Solana saw increased activity, the average price of NFTs on its network declined. The average monthly sales value was $37.8, the lowest this year. Despite these challenges, Solana’s performance underscores its growing importance in the NFT market.

The NFT market faced notable challenges in May, with significant declines in sales across major blockchains like Ethereum and Bitcoin. However, Solana’s robust performance and increasing activity highlight its emerging role in the NFT space, suggesting a shifting dynamic in the market landscape.