Crypto Slam analysts noted that while sales volumes have increased, there has been a sharp decline in the number of NFT buyers and sellers, which have fallen by 68% and 67.78%, respectively. Despite the decrease in the number of market participants, the number of NFT transactions has increased significantly, soaring by almost 21% to reach 2,435,539 transactions. The increase in transactions suggests that even though there are fewer participants in the market, they are much more active.
Ethereum remained the largest source of NFT sales, accounting for over $36.5 million. Despite its leading position, Ethereum’s share decreased by 16% compared to the previous week. The second place in terms of sales volume was taken by the Solana network with $27 million, showing a significant increase of 38%. The Polygon blockchain entered the top three, with the volume of NFT sales on this network exceeding $23.2 million. Over the past week, the increase was more than 70%, which means an increase in trading activity on the network.
As for Bitcoin, token trading volume fell 3% to $15.9 million, with Mythos and Immutable X accounting for over $5 million and $4 million, respectively. While some networks are seeing a decline, the overall trend of the NFT market is showing strong growth, especially on the Solana and Polygon networks.
Earlier, CryptoSlam analysts reported that in May, trading volumes of non-fungible tokens fell by 54% compared to April, to $630 million.
Source: Bits
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