The red-hot NFT market experienced a significant slowdown in May 2024, according to data platform CryptoSlam. After a promising uptick in April, global NFT sales volume dipped a staggering 54% in the last 30 days, reaching $624 million compared to April’s figure exceeding $1 billion.
This decline comes despite record-breaking sales earlier this year. In March, the popular CryptoPunks collection saw two separate nonfungible tokens(NFTs) sell for over $16 million each. However, CryptoPunks itself only managed $15 million in sales volume in May, highlighting the broader market trend.
Not all NFTs are feeling the chill, however. While the overall market dipped, some collections defied the trend and experienced significant growth. The social finance project Fantasy Top fueled a surge in NFT activity on the Blast blockchain, propelling it into the top ranks.
Immutable, another blockchain platform, also saw positive movement. The Immutable-based game Guild of Guardians enjoyed a healthy 69% increase in sales volume, contributing to a 23% overall growth for the Immutable blockchain in May.
Solana, a prominent blockchain network, also boasts some bright spots. The DogeZuki Collection and Solana Monkey Business experienced impressive growth of 130% and 74% respectively, demonstrating continued interest in specific NFT projects.
The NFT market’s recent slowdown suggests a potential cooling off period after a period of rapid growth. However, the success of individual collections like Fantasy Top and continued activity on blockchains like Immutable and Solana indicate there’s still room for innovation and specific niches to thrive within the broader NFT landscape.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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