Global non-fungible token (NFT) sales totaled $604 million in May, the lowest monthly performance since October last year and the first month this year with sales under $1 billion.
Ethereum, the world’s leading blockchain for NFT sales with a historic sales volume of more than $43 billion, had sales of $164 million last month, the lowest since September.
The network must look even further back in time to match the last number of unique buyers.
Last month, Ethereum had 56,914 unique buyers, according to data from CryptoSlam, the blockchain’s lowest number of NFT buyers since June 2021.
The decline in NFT sales was also visible on the Bitcoin network, which had monthly sales of $160 million, the lowest since October. It saw a decline in both buyers and sellers, recording the lowest number this year.
While the decline in revenue was clearly visible across most major blockchains, Solana has bucked the trend in terms of activity.
Solana had a monthly turnover of $93 million, the first time since November last year that the blockchain traded below $100 million.
Solana set new records for monthly unique buyers and sellers, with 346,229 and 594,555 addresses respectively.
However, the network’s average NFT price is falling. The average monthly sales value of US$37.8 is the lowest this year.