May NFT Sales Plunge 54% MoM to $624M as Market Experiences Downturn
CryptoNewsTerminal Staff31 May, 2024
May NFT Sales Plunge 54% MoM to $624M as Market Experiences Downturn
According to recent data from CryptoSlam, the non-fungible token (NFT) market is experiencing a significant decline, with sales in May projected to drop by 54% month-over-month (MoM) to a mere $624 million. This represents a sharp downturn from the previous month's sales of $1.35 billion. The drop in sales is evident across various blockchain platforms. Notably, Bitcoin-based NFTs saw a decline to $179 million in sales, while Ethereum (ETH)-based NFTs generated $164 million, marking a significant decrease from their previous sales figures. Solana (SOL)-based NFT sales also took a hit, amounting to $93.62 million. This decline in NFT sales highlights the current market trend, with investors becoming more cautious amidst the recent cryptocurrency market downturn. The broader market conditions have influenced NFT demand, leading to a decrease in trading activity and a pullback in speculative investments. As the NFT market continues to evolve, it remains to be seen whether this downturn is temporary or will have a lasting impact. Nonetheless, the decline in May sales serves as a reminder of the volatility associated with the NFT market and the need for investors to exercise caution when making purchases.
