The NFT market with its worst performance in the last 8 months

The global non-fungible token (NFT) market saw a significant decline in May, with total sales reaching $604 million, the lowest monthly result since October last year.

This is the first month since 2023 that NFT sales have fallen below the $1 billion mark.

Ethereum, the world’s leading blockchain for NFT sales, with a historical sales volume exceeding $43 billion, registered only $164 million. sales last month, its lowest since September. To find fewer unique online shoppers, we have to go even further back in time.

According to data from CryptoSlam, in May Ethereum had 56,914 unique buyers, the lowest number of NFT buyers on the blockchain since June 2021.

The drop in sales of non-fungible tokens was also visible on the network of Bitcoin, where monthly sales totaled $160 million, the lowest since October. Both the number of buyers and sellers fell, with Bitcoin registering its lowest number of the year.

While the decline in sales was evident across most major blockchain networks, Solana broke the trend in terms of activity, registering $93 million worth of monthly sales, the first time the blockchain has recorded sales below $100 million since November of last year.

Interestingly, Solana set new records for monthly unique buyers and sellers, with 346,229 and 594,555 addresses respectively. However, the average price of NFTs on the network is falling, with an average monthly sales value of $37.8 the lowest this year.