Key Points
- Bitcoin and Ethereum’s NFT sales volumes experienced a decline in May.
- Despite the dip in NFT sales, both cryptocurrencies’ prices and social volumes remained robust.
In the past week, the NFT sales volume of Bitcoin (BTC) saw a 4% decrease.
However, the weekly price charts for both Bitcoin and Ethereum remained in the green.
Bitcoin and Ethereum’s NFT Market Performance
Throughout May, Bitcoin and Ethereum (ETH), two of the largest blockchains, maintained their dominance in the NFT market.
Upon deeper analysis, it was observed that their NFT sales volumes actually decreased over the past month.
Coin98 Analytics’ tweet revealed that Bitcoin and Ethereum topped the list of blockchains in terms of total sales volume in May, with Bitcoin’s sales volume reaching $157 million and Ethereum’s at $147 million.
Solana (SOL) also made it to the top three, while Blast was the only layer-2 blockchain to earn a spot on the list with a sales volume of $36 million.
According to data from DappRadar, Node Monkes, Bitcoin Puppets, and Runestine were Bitcoin’s top three NFT collections, while Bored Ape Yacht Club, Mutant Ape Yacht Club, and Pudgy Penguins were Ethereum’s top three NFT collections.
Decline in NFT Sales Volume
However, data analysis showed that despite topping the list, Bitcoin and Ethereum’s sales volumes decreased in May, with Bitcoin’s NFT sales volume dropping by 71% and Ethereum’s by over 56%.
Despite the dip in sales volume, the number of NFT buyers and sellers for Bitcoin increased by more than 20% in the past week.
Ethereum’s situation was somewhat better as its sales volume increased by more than 4%, and the number of sellers and buyers also increased by over 10% in the last seven days.
Despite the fluctuations in the NFT market, data from CoinMarketCap showed that the weekly price charts of both Bitcoin and Ethereum remained green.
Bitcoin and Ethereum’s prices increased by 4.2% and 2.2% respectively in the last week, with Bitcoin trading at $71,091 and Ethereum valued at $3,815.
Furthermore, both Bitcoin and Ethereum’s social volumes remained high throughout the past week.
Interestingly, despite the increase in value, Bitcoin’s weighted sentiment was in the negative zone, indicating a dominant bearish sentiment in the market.
