The non-fungible token (NFT) market had another weak week, with overall sales down 7.5% over seven days, reaching $121.4 million on June 1.
Top Blockchains by Sales Volume
Over the past seven days, Ethereum (ETH) has maintained its top spot as the leading blockchain for NFT transactions, surpassing Bitcoin (BTC) last week.
According to data from CryptoSlam, blockchain maintained its lead with total revenue of $37.43 million, despite an 11.24% decline from the previous week.
Bitcoin, the second most active blockchain in non-fungible token sales, fell 12.88% to $27.21 million.
Solana-based NFTs generated just over $19 million in revenue, down slightly by 0.52%.
Interestingly, Polygon (MATIC) stood out, with sales up 27.10% over the previous week, totaling approximately $15.6 million. Immutable
monthly sales volume
The top 5 sales rankings over the 30-day period were nearly identical to the weekly rankings, with only Blast displacing Immutable at number 5. Ethereum recorded $163.7 million in revenue throughout May, which was 55% lower than the blockchain’s April numbers.
Bitcoin fell 73.44% in monthly sales, reaching $158.5 million. This despite having at least two weeks of peak sales in May.
Solana (SOL) earned just over $94 million in 30 days, down 45.8% from April levels. And despite a sluggish past two weeks, Polygon’s May NFT sales fell 34.60%.
However, Blast broke the negative trend with a remarkable 519.17% increase in sales over the past 30 days. The layer 2 chain ended the month with over $49 million worth of NFTs traded in the period.
Interestingly, Blast recorded the highest increase in terms of monthly wash trading figures, reaching over $1.2 million, a whopping 931.23% increase from April.
Most Expensive NFT
As for individual pieces, Azuki #3374 on the Ethereum blockchain sold for a hefty $393,112. This is the highest priced crypto token this week.
Afterwards, notable sales took place on the Bitcoin blockchain, with Ordinal inscription reaching $305,258. Solana also appeared as Boogle #061, selling for $206,936.
Throughout the month, CryptoPunks #741 was the most expensive NFT, earning $792,046 on May 13. Another Bitcoin Ordinal inscription took second place after changing hands for $681,497.
CryptoPunks #3619, which sold for 215 ETH (equivalent to $627,990) on malcode-vault.eth, was the third most expensive NFT in May. They were followed by Azuki $3374 and another CryptoPunk, #4926, with $329,252 in profit.
NFT Collection Ranking
Among this week’s top NFT collections, Uncategorized Ordinals took the lead with sales of $7,810,518, despite a 15.31% decline from the previous week. Immutable
Other notable collections included DMarket in third place, Nodemonkes in fourth place, and Bored Ape Yacht Club (BAYC) rounding out the top five.
Throughout the month, Bitcoin’s Uncategorized Ordinals collection maintained its top spot with sales of more than $48.6 million. However, based on monthly sales volume, it was found to have decreased by 70.13%.
The second most traded NFT collection in May was Blast’s Fantasy Top, which surged 674.89% in sales over the period to over $46 million.
Another NFT collection that saw an increase in monthly sales was Guild of Guardians, which rose nearly 67% to #5.