Markets
NFT Market Drops Over 7%: Ethereum Leads Despite Decline
The non-fungible token (NFTs) the market experienced another slow week, with overall sales falling 7.5% in seven days to $121.4 million on June 1.
The best blockchains by sales volume
Over the last seven days, Ethereum (ET) has remained in first place as the leading blockchain for NFT transactions after overtaking Bitcoin (Bitcoin) last week.
Second data Since CryptoSlam, the blockchain maintained its dominance with total revenue of $37.43 million, despite a decline of 11.24% from the previous week.
Bitcoin, the second most active blockchain for selling non-fungible tokens, brought in $27.21 million, reflecting a decline of 12.88%.
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, for a total of approximately $15.6 million. X immutable (IMX) also showed positive movement, with sales rising 12.23% to $8.49 million.
Blockchain ranking by 7-day NFT sales | Source: CryptoSlam
Monthly sales volume
Over the 30-day period, the top five volume sales ranking was more or less the same as the weekly ranking, with only Blast replacing Immutable in fifth place. Ethereum recorded sales of $163.7 million in May, a figure 55% lower than the blockchain’s April numbers.
Bitcoin suffered a 73.44% decline in terms of monthly sales volume, bringing in $158.5 million. This despite having the improve sales numbers in at least two weeks of May.
Solana (SOL) earned just over $94 million in 30 days, marking a 45.8% decline from 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, bucks the negative trend, showing a notable 519.17% increase in sales volume over the past 30 days. The layer-2 chain ended the month with more than $49 million worth of NFTs traded in the period.
Interestingly, Blast also saw the highest increase in monthly wash trading numbers, with over $1.2 million recorded, representing a huge jump of 931.23% compared to April.
More expensive NFTs
In terms of individual pieces, Azuki #3374 of the Ethereum blockchain sold for a substantial $393,112 – the highest priced crypto token of the week.
It was followed by a notable sale on the Bitcoin blockchain, where an ordinal signup netted $305,258. Solana also appeared in Boogle #061, which sold for $206,936.
Over the entire month, CryptoPunks #741 was the most expensive NFT, fetching $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, or $627,990, was the third most expensive NFT of May. It was followed by Azuki $3374 and yet another CryptoPunk, #4926, which netted its owner $329,252.
NFT Collection Rankings
Among the top NFT collections of the week, Uncategorized Ordinals took the lead with $7,810,518 in sales, despite a 15.31% decline from the previous week. Guild of Guardians on Immutable
Other notable collections include DMarket in third place, Nodemonkes in fourth, and Bored Ape Yacht Club (BAYC) rounding out the top 5.
For the entire month, Bitcoin’s Uncategorized Ordinals collection maintained its top spot, with over $48.6 million in sales. However, the figure represents a decline 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 skyrocketed 674.89% to gross more than $46 million in the period.
Another NFT collection whose monthly sales volume saw an increase was Guild of Guardians, up nearly 67% to put it in fifth place.