We know very well that the stock market says, “sell in May and go away”, which reflects the downtrend in the month of May. Despite the revival at the end of the month, cryptocurrencies did not have a quiet May. This poor performance appears to be impacting derivatives in the sector. According to data from CryptoSlam, the volume of NFT sales fell by almost 54% during the month of May.
Over the past 30 days, NFT trading volume has reached $628 million, up from more than $1 billion in April. Non-fungible tokens developed on Bitcoin are among those that have suffered the most from this downward trend. According to CryptoSlam data, the volume of NFT sales on Bitcoin fell by 71.13%. Behind Bitcoin we find Ethereum with a drop of 50.74%. At Solana, the drop in sales reached 58.44%.
Among the top 10, Avalanche suffered the biggest loss in trade volume with -81.11%. The Blast and Immutable networks are the only ones staying afloat with respective increases in NFT sales of 2035.32% and 23.57%. It is important to note that despite the sharp decline in trading, NFTs developed on Bitcoin remain the most traded with a volume of $184 million. Ordinals are the top-selling NFT projects with nearly $72 million in revenue, ahead of Blast’s Fantasy Top ($51.25 million) and DMarket ($24.25 million).
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As we mentioned, Blast and Immutable are the only networks where NFT sales are growing in volume. Blast ranks fourth in terms of volume, with sales reaching $56 million in May. Most of the sales in this network are related to the Fantasy Top project.
Blast Crypto is a Layer 2 solution for Ethereum that uses optimistic rollups technology to increase transaction throughput and reduce gas fees. This system is compatible with the Ethereum Virtual Machine (EVM) and enables optimized management of ethereum (ETH) and stablecoin transactions while providing integrated native returns for these assets.
Founded by Tieshun Pacman Roquerre, also the creator of the Blur NFT marketplace, Blast’s testnet phase began in January 2024, followed by the mainnet launch in February 2024. To date, it has amassed over a billion dollars in total locked value (TVL).
Moral of the story: NFTs took an early vacation in May!
Disclaimer
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