NFT Market Slumps Over 7%: Ethereum Leads While Polygon Shines with 27% Surge

NFT Market Slumps Over 7%: Ethereum Leads While Polygon Shines with 27% Surge

The non-fungible token (NFT) market experienced a downturn, with overall sales declining by 7.5% over the past week, totaling $121.4 million as of June 1.

Top Blockchains by Sales Volume

Ethereum (ETH) retained its position as the leading blockchain for NFT transactions, surpassing Bitcoin (BTC) last week. According to CryptoSlam data, Ethereum generated $37.43 million in sales, despite an 11.24% decrease from the previous week. Bitcoin, the second most active blockchain for NFT sales, brought in $27.21 million, reflecting a 12.88% drop. Solana (SOL) NFTs generated just over $19 million, marking a slight 0.52% decline.

Polygon (MATIC) stood out with a remarkable 27.10% increase in sales, totaling approximately $15.6 million. Immutable X (IMX) also showed positive growth, with sales climbing 12.23% to $8.49 million.

Monthly Sales Volume

Over the past 30 days, the sales volume rankings remained consistent with the weekly figures, with only Blast replacing Immutable in the top five. Ethereum registered $163.7 million in sales throughout May, a 55% decrease from April. Bitcoin saw a 73.44% drop in monthly sales volume, bringing in $158.5 million despite strong numbers in the latter half of May. Solana earned just over $94 million, denoting a 45.8% dip from April levels. Polygon, although showing positive weekly growth, experienced a 34.60% decrease in May.

Blast bucked the negative trend with a 519.17% increase in sales volume, ending the month with over $49 million worth of NFTs traded. Notably, Blast also had the highest increase in monthly wash trading, recording over $1.2 million, a 931.23% jump from April.

Most Expensive NFTs

The most expensive NFT of the week was Azuki #3374 on the Ethereum blockchain, selling for $393,112. Following this, an Ordinal inscription on Bitcoin fetched $305,258, and Solana’s Boogle #061 sold for $206,936. Over the entire month, the priciest NFT was CryptoPunks #741, which sold for $792,046 on May 13. Another notable sale was a Bitcoin Ordinal inscription for $681,497, followed by CryptoPunks #3619 at $627,990, Azuki $3374, and CryptoPunks #4926 at $329,252.

NFT Collection Rankings

For the week, Uncategorized Ordinals led with $7,810,518 in sales, despite a 15.31% decrease. Guild of Guardians on Immutable X secured second place with sales rising 18.48% to $5.65 million. Other top collections included DMarket, Nodemonkes, and Bored Ape Yacht Club (BAYC).

For the month, Bitcoin’s Uncategorized Ordinals collection maintained the top spot with $48.6 million in sales, despite a 70.13% decline in monthly volume. The second most traded collection was Blast’s Fantasy Top, with sales volume skyrocketing 674.89% to over $46 million. Guild of Guardians also saw a 67% increase in monthly sales volume, pushing it into the fifth position.

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