Global non-fungible token (NFT) sales saw a notable decline in May, totaling $604 million, the lowest monthly performance since October and the first month of the year with sales below $1 billion. was recorded.
Ethereum, known as the leading blockchain for NFT sales, reported May sales of $164 million, the lowest since September. The network also saw a drop in unique buyers, reaching just 56,914, the lowest figure since June 2021.
Similarly, NFT sales declined on the Bitcoin network, with monthly sales totaling $160 million, the lowest since October. The network also reported a decline in both buyers and sellers, hitting the lowest figure of the year.
Contrary to the overall trend, Solana has shown resilience in NFT activity. Despite sluggish sales of major blockchain companies, Solana’s monthly revenue fell below $100 million for the first time since November last year, reaching $93 million. Solana set new records for monthly unique buyers and sellers, with 346,229 and 594,555 addresses, respectively.
However, despite the flurry of activity, Solana’s average NFT price has fallen, with average monthly sales reaching $37.8, the lowest of the year. Despite the challenges facing the NFT market in May, Solana’s performance demonstrates its growing prominence in the NFT space.
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