The non-fungible token (NFT) market had another slow week, with total sales down 7.5% over seven days, to $121.4 million on June 1.
Top blockchains by sales volume
Over the past seven days, Ethereum (ETH) has remained in first place as the leading blockchain for NFT transactions after overtaking Bitcoin (BTC) last week.
according to Data From CryptoSlam, blockchain technology 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, generated $27.21 million – reflecting a 12.88% decline.
Solana-based NFTs generated just over $19 million, representing a slight decline of 0.52%.
Interestingly, Polygon (MATIC) stood out with a 27.10% increase in sales compared to the previous week, totaling approximately $15.6 million. Immutable
Monthly sales volume
Over the 30-day period, the top five ranking in terms of sales volume was almost identical to the weekly ranking, with only Blast replaced by Immutable in fifth place. Ethereum recorded sales of $163.7 million throughout May, a figure 55% lower than the blockchain's April numbers.
Bitcoin suffered a 73.44% decline in monthly sales volume, achieving $158.5 million. This was despite achieving its best sales figures in at least two weeks in May.
Solana (SOL) gained $94 million over 30 days, showing a 45.8% decline from April levels. Despite being in the green for the past two weeks, NFT sales volume for May fell by 34.60%.
However, the explosion bucked the negative trend, showing a significant 519.17% increase in sales volume over the past 30 days. The second-tier chain ended the month with more than $49 million worth of NFTs traded during the period.
Oddly enough, Blast also had the highest increase in terms of monthly wash trading numbers, with over $1.2 million recorded, representing a massive jump of 931.23% from April.
The most expensive NFTs
In terms of individual lots, Azuki #3374 of the Ethereum blockchain sold for $393,112 – the highest priced crypto token of the week.
This was followed by a notable sell-off on the Bitcoin blockchain, with the ordinal blockchain bringing in $305,258. Solana also debuted with Boogle #061, selling for $206,936.
Over the entire month, CryptoPunks #741 was the most expensive NFT, bringing in $792,046 on May 13. Another Bitcoin Ordinal came in second place after changing hands for $681,497.
CryptoPunks #3619, sold by malcode-vault.eth for 215 ETH, equivalent to $627,990 USD, was the third most expensive NFT in May. It was followed by Azuki with $3,374, and then another CryptoPunk, No. 4926, which earned its owner $329,252.
NFT collection classifications
Among this week's top NFT collections, Uncategorized Ordinals took the top spot with sales of $7,810,518, despite being down 15.31% from the previous week. Guild of Guardians on Immutable
Other notable groups included DMarket in third place, Nodemonkes in fourth place, and Bored Ape Yacht Club (BAYC) rounding out the top five.
As for the full month, the unranked Bitcoin Ordinals group maintained the top spot, with sales of over $48.6 million. However, this figure represents a 70.13% decrease in terms of monthly sales volume.
The second most traded NFT lot in May was Blast's Fantasy Top, whose sales volume rose 674.89% to bring in over $46 million during the period.
Another NFT group whose monthly sales volume registered a slight increase was Guild of Guardians, up nearly 67% to push it into fifth place.