Ethereum takes the lead as NFT market experiences a decline of more than 7%
The NFT market had a slow week, with total sales dropping by 7.5% to reach $121.4 million on June 1.
In terms of blockchains, Ethereum remained the leading blockchain for NFT transactions, with total sales of $37.43 million, despite an 11.24% decrease from the previous week. Bitcoin ranked second with $27.21 million in sales, reflecting a 12.88% drop. Solana-based NFTs generated just over $19 million, marking a slight 0.52% decline. However, Polygon stood out with a 27.10% increase in sales over the previous week, totaling approximately $15.6 million. Immutable X also showed positive movement, with sales climbing 12.23% to $8.49 million.
Over the course of the month, the top five blockchains in terms of sales volume remained the same, with Blast replacing Immutable at the fifth spot. Ethereum registered $163.7 million in sales throughout May, a 55% decrease from April. Bitcoin experienced a 73.44% drop in sales volume, bringing in $158.5 million. Solana earned just over $94 million, denoting a 45.8% dip from April. And Polygon’s May NFT sales volume was down 34.60%. However, Blast saw a remarkable 519.17% increase in sales volume, ending the month with over $49 million worth of NFTs traded.
In terms of individual sales, Azuki #3374 from Ethereum sold for $393,112, making it the highest-priced NFT of the week. On the Bitcoin blockchain, an Ordinal inscription fetched $305,258, and Solana had a notable sale with Boogle #061 selling for $206,936. The most expensive NFT of the month was CryptoPunks #741, which sold for $792,046 on May 13. Another Bitcoin Ordinal inscription came in second, selling for $681,497.
The top NFT collections of the week included Uncategorized Ordinals, Guild of Guardians on Immutable X, DMarket, Nodemonkes, and Bored Ape Yacht Club (BAYC). Uncategorized Ordinals led with $7,810,518 in sales, followed by Guild of Guardians with $5.65 million.
For the entire month, Bitcoin’s Uncategorized Ordinals collection maintained its number one spot with over $48.6 million in sales, despite a 70.13% dip in monthly sales volume. Blast’s Fantasy Top collection saw a 674.89% increase in sales volume, earning more than $46 million. Guild of Guardians also experienced an uptick in monthly sales volume, pushing it into fifth place.
In other news, Félix Pago raised $15.5 million for WhatsApp remittances, Fortunafi secured $9.5 million for asset tokenization, and there were other notable victories in the venture capital space.
