Between May 10 and May 17, non-fungible token (NFT) sales totaled $150.56 million, down 8.97% from last week’s figures. NFT sales have consistently fallen on a weekly basis, as four of the five largest blockchains by sales volume experienced declines during this period.
NFT market sees consistent decline
In February, from February 17 to 24, NFT sales reached $306 million. Although cryptocurrency prices rose in March, NFT sales saw a decline, while April figures were equally disappointing. May follows this trend, as sales of digital collectibles fell 13% last week, and fell another 8.97% this week, totaling $150.56 million.
This represents a weekly loss in sales volume that exceeds half of February’s seven-day record. Furthermore, Ethereum has consistently held the second position in weekly sales for weeks, while Bitcoin dominates and surpasses Ethereum every week. In the most recent week, Bitcoin led the pack with $48.32 million in NFT sales. Despite the lead, Bitcoin-centric NFT sales fell 4.42%.
Ethereum secured the second spot with $37.6 million in NFT sales, down 8% from the previous week. Solana’s NFT sales were $18.82 million, down 26.71%. Blast, a newcomer to the top five NFT sales lists, reported $14.87 million in digital collectibles, down 25.67% this week. Polygon claimed the fifth position with $11.95 million in NFT sales, up 16.94% from the previous week.
In terms of NFT collections, Uncategorized Ordinals generated revenue of $17.79 million this week, a weekly decline of 24.66%. Blast’s Fantasy Top ranked second with revenue of $14.85 million. Mythos Dmarket came in third with $5.8 million, followed by Bitcoin’s Nodemonkes in fourth place with $5.58 million. The fifth top collection was Core BRC20s, which achieved sales of $3.43 million.
The most expensive NFT sold this week was Cryptopunk #741, which fetched $792,046. The second highest sale was an Ordinal inscription that sold for $681,497. Mad Lads #3919 went for $73,368, while Cardano’s Earthnode #184 sold for $56,026. Finally, the fifth most expensive NFT, from the Blast chain, sold for just over $39,000.
What do you think of the latest NFT sales of the week? Share your thoughts and opinions on this topic in the comments below.
