NFTs
NFT market drops more than 7%: Ethereum leads despite decline
The non-fungible token (NFT) the market experienced another slow week, with overall sales falling 7.5% in seven days to reach $121.4 million on June 1.
Top blockchains by sales volume
Over the past seven days, Ethereum (ETH) remained in first place as the leading blockchain for NFT transactions after overtaking Bitcoin (Bitcoin) last week.
According to data from CryptoSlam, the blockchain maintained its dominance with total sales of $37.43 million, despite an 11.24% drop from the previous week.
Bitcoin, the second most active blockchain for non-fungible token sales, raised $27.21 million – reflecting a 12.88% drop.
Solana-based NFTs generated just over $19 million, marking a slight decline of 0.52%.
Interestingly, Polygon (MATIC) stood out with a 27.10% increase in sales compared to the previous week, totaling approximately US$ 15.6 million. Immutable X (IMX) also showed positive movement, with sales rising 12.23%, to US$ 8.49 million.
Ranking Blockchains by 7-Day NFT Sales | Source: CryptoSlam
Monthly sales volume
Over the course of 30 days, the top five ranking in sales volume was roughly the same as the weekly one, with only Blast replacing Immutable in 5th place. Ethereum recorded US$163.7 million in sales throughout May, 55% lower than the blockchain’s April figures.
Bitcoin suffered a 73.44% drop in monthly sales volume, moving US$158.5 million. This was despite having the better sales figures in at least two weeks in May.
Solana (SUN) earned just over US$94 million in 30 days, representing a drop of 45.8% compared to April levels. And despite being in the green for the past two weeks, Polygon’s NFT sales volume in May fell 34.60%.
Blast, however, bucked the negative trend, showing a notable 519.17% increase in sales volume over the last 30 days. The layer 2 network ended the month with more than US$49 million in NFTs traded during the period.
Interestingly, Blast also saw the biggest increase in terms of monthly wash transaction numbers, with over $1.2 million recorded, representing a whopping 931.23% jump from April.
Most expensive NFTs
In terms of individual pieces, Azuki #3374 from the Ethereum blockchain sold for a substantial $393,112 – the most expensive crypto token of the week.
It was followed by a notable sell-off in Bitcoin blockchain, where an Ordinal entry netted $305,258. Solana also appeared in Boogle #061, which sold for $206,936.
For the entire month, CryptoPunks #741 was the most expensive NFT, raising $792,046 on May 13. Another Bitcoin Ordinal entry came in second after changing hands for $681,497.
CryptoPunks #3619, sold by malcode-vault.eth for 215 ETH, which translates to $627,990, was the third most expensive NFT in May. It was followed by Azuki $3,374 and one more CryptoPunk, #4,926, which earned its owner $329,252.
NFT Collection Classifications
Among the week’s top NFT collections, Uncategorized Ordinals took the lead with $7,810,518 in sales, despite a 15.31% drop from the previous week. Guild of Guardians in Immutable X secured second place, with sales rising 18.48% to $5.65 million.
Other notable collections included DMarket in third place, Nodemonkes in fourth and Bored Ape Yacht Club (BAYC) rounding out the top 5.
Throughout the month, Bitcoin’s Uncategorized Ordinals collection maintained its top spot with over $48.6 million in sales. However, the value represented a worrying drop of 70.13% in terms of monthly sales volume.
The second most traded NFT collection in May was Blast’s Fantasy Top, whose sales volume soared 674.89%, reaching more than US$46 million in the period.
Another NFT collection whose monthly sales volume saw an increase was Guild of Guardians, rising almost 67% and placing it in fifth place.