Jakarta - Global non-fungible token (NFT) sales reached USD 604 million, equivalent to IDR 9.7 trillion (assuming an exchange rate of IDR 16,190 per USD) in May 2024. This is the lowest monthly performance since last October and marks the first month this year with sales below USD 1 billion.
According to Yahoo Finance, Tuesday (4/6/2024), Ethereum, the world's leading blockchain for NFT sales, generated USD 164 million in sales last month, equivalent to IDR 2.65 trillion, the lowest since September 2023.
The network had to look further back to match its latest number of unique buyers. Last month, Ethereum had 56,914 unique buyers, according to CryptoSlam data, the lowest number of NFT buyers on the blockchain since June 2021.
The decline in NFT sales was also evident on the Bitcoin network, which had monthly sales of USD 160 million, equivalent to IDR 2.59 trillion, the lowest since October. There was a decrease in the number of buyers and sellers, which are the lowest figures this year.
Despite the apparent decline in sales across most major blockchains, Solana bucked the trend in terms of activity. Solana had monthly sales of USD 93 million, equivalent to IDR 1.50 trillion, marking the first time the blockchain recorded sales below USD 100 million since last November.
Solana set new records for unique monthly buyers and sellers, with 346,229 and 594,555 addresses, respectively.
However, the average price of NFTs on the network is declining. The average monthly sales value of USD 37.8 is the lowest this year.
Source: Liputan6
