Crypto Slam analysts noted that with the growth in sales, a sharp decrease in the number of NFT buyers and sellers became noticeable, which decreased by 68% and 67.78%, respectively. Despite the decrease in the number of market participants, the number of transactions with NFT increased significantly, soaring by almost 21% and reaching 2,435,539 transactions. The increase in the number of transactions suggests that even if there are fewer participants in the market, they are much more active.
Ethereum remained the largest source of NFT sales, accounting for more than $36.5 million. Despite the leading position, the share of Ethereum decreased by 16% compared to the previous week. The second largest sales volume was taken by the Solana network with $27 million, showing a significant increase of 38%. Polygon blockchain entered the top three — the volume of NFT sales in this network exceeded $23.2 million. Over the past week, the increase amounted to more than 70%, which means an increase in trading activity on the network.
As for Bitcoin, the volume of token trading decreased by 3% and amounted to $15.9 million. The Mythos and Immutable X networks accounted for more than $5 million and $4 million, respectively. Despite the fact that there is a decline in some networks, the general trend of the NFT market is showing steady growth, especially in the Solana and Polygon networks.
Earlier, CryptoSlam analysts reported that in May, trading volumes of non—interchangeable tokens decreased by 54% compared to April - to $630 million.