May NFT sales post worst performance since October

Global non-fungible token (NFT) sales totaled US$604 million in May, the lowest monthly performance since last October and the first month this year with sales below US$1 billion.

Ethereum, the world’s leading blockchain for NFT sales with a historic sales volume of over US$43 billion, had US$164 million in sales last month, its lowest since September.

The network must look even further back in time to match its latest number of unique buyers.

Last month, Ethereum had 56,914 unique buyers, according to CryptoSlam data, the blockchain’s lowest NFT buyer count since June 2021.

The NFT sales slump was also apparent on the Bitcoin network, which had US$160 million in monthly sales, the lowest since October. It saw a decline in both buyers and sellers, recording the lowest count this year.

While the sales slump was evident in most major blockchains, Solana bucked the trend in terms of activity.

Solana had US$93 million in monthly sales, the first time the blockchain recorded under US$100 million since last November.

Solana set new records for monthly unique buyers and sellers, with 346,229 and 594,555 addresses respectively.

However, the network’s average NFT price is falling. Its US$37.8 average monthly sales value is the lowest this year.