Ethereum
NFT market collapses by over 7%: Ethereum leads despite decline
The non-fungible token (NFT) the market had another sluggish week, with overall sales down 7.5% over seven days to $121.4 million as of June 1.
Top blockchains by sales volume
Over the past seven days, Ethereum (ETH) remained in first place as the leading blockchain for NFT transactions after overtaking Bitcoin (BTC) last week.
According to data From CryptoSlam, blockchain maintained its dominance with total sales of $37.43 million, despite an 11.24% decline from the previous week.
Bitcoin, the second most active blockchain for non-fungible token sales, brought in $27.21 million, a decline of 12.88%.
Solana-based NFTs generated just over $19 million, a slight decline of 0.52%.
Interestingly, Polygon (MATIC) stood out with a 27.10% increase in sales from the previous week, totaling approximately $15.6 million. X immutable (IMX) also showed positive development, with sales up 12.23% to $8.49 million.
Ranking of blockchains by NFT sales over 7 days | Source: CryptoSlam
Monthly sales volume
Through 30 days, the top five ranking by sales volume was about the same as the week, with only Blast replacing Immutable in 5th place. Ethereum recorded $163.7 million in sales throughout May, 55% lower than the blockchain’s April figures.
Bitcoin suffered a 73.44% decline in monthly sales volume, bringing in $158.5 million. This was despite the fact that best sales figures in at least two weeks in May.
Solana (GROUND) earned just north of $94 million over 30 days, representing a 45.8% decline from its April levels. And although they have been in the green over the past two weeks, Polygon’s NFT sales volume in May was down 34.60%.
Blast, however, bucked the negative trend, posting a remarkable 519.17% increase in sales volume over the past 30 days. The Layer 2 chain ended the month with over $49 million worth of NFTs traded during the period.
Interestingly, Blast also saw the biggest increase in terms of monthly wash transaction figures, with over $1.2 million recorded, representing a whopping 931.23% jump from April.
The most expensive NFTs
In terms of individual coins, Azuki #3374 from the Ethereum blockchain sold for a substantial $393,112 – the most expensive crypto token of the week.
It was followed by a notable sale on the Bitcoin blockchain, where an ordinal registration brought in $305,258. Solana also made an appearance with Boogle #061, which sold for $206,936.
Over the entire month, CryptoPunks #741 was the most expensive NFT, reaching $792,046 on May 13. Another Bitcoin Ordinal listing 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 in May. It was followed by Azuki $3,374 and yet another CryptoPunk, #4926, which earned its owner $329,252.
Ranking of NFT collections
Among the top NFT collections of the week, Uncategorized Ordinals took the lead with $7,810,518 in sales, despite a 15.31% drop from the previous week. Guild of Guardians on Immutable X secured second place, with sales up 18.48% to $5.65 million.
Other notable collections include DMarket in third place, Nodemonkes in fourth place, and Bored Ape Yacht Club (BAYC) rounding out the top 5.
For the entire month, Bitcoin’s Uncategorized Ordinals collection retained its top spot, with over $48.6 million in sales. However, this figure represents a worrying 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 soared 674.89% to over $46 million during the period.
Another NFT collection that saw a slight increase in monthly sales volume is Guild of Guardians, up almost 67% to propel it to fifth place.