Based on the latest figures, the Impossible Token (NFTS) generated roughly $474 million in sales throughout May, a 21.25% decline compared to its April total.
The NFT market will decline in May
NFT sales remained on a downward trajectory in May, with monthly figures of $127.9 million shortfall compared to the previous month. The number of NFT buyers rose 16.45%, while sellers rose 1.57% based on data from Cryptoslam.io, but total sales spoke a different story. Ethereum-based NFTS earned a lead in sales of $140.39 million, accounting for around 29.63% of its May total.
Source: cryptoslam.io
Despite the chart toppings, the Ethereum NFTS recorded a 20.97% drop compared to April. Bitcoin took second place at $74.51 million, reflecting a 20.16% increase from the previous month. Polygon ranked third, surpassing $73 million, representing a 47.38% decline. Avalanche spiked 1208.40% in May, fueled primarily by the launch of XSY deposit by XSY, winning 1208.40% for $3312.1 million.
Top 5 blockchains regarding NFT sales in May. Source: cryptoslam.io
The Polygon Courtyard Collection led all the other collections in May, earning sales of $59.51 million. Nearby is DMARKET, a Polkadot-based Mythos project, which brought about around $39.32 million. The XSY deposit was third secured at $30.25 million. Of the top 10 collections, Doodles recorded the most dramatic profits, jumping to 226.54%, pulling in $8.68 million a month.
Ethereum is the dominant chain in terms of lifetime NFT sales, with $45.777 billion since its May update. Solana continues at $6.34 billion, while Bitcoin is third with $5.4 billion. However, with the recent addition of BTC NFTS, Bitcoin could surpass the Layer 1 chain this year if momentum continues. It drags Solana for just $940 million. Bitcoin will also kick Ethereum out by $40.37 billion.