When the cryptocurrency market crashed in May, digital collectibles marketplaces took a huge hit, wiping billions of dollars off the NFT sales volume.
Despite the decline in investor interest in digital collections, NFT marketplaces are still attempting to rebound.
The total volume of NFT marketplaces was approximately £3.26 billion for the month of May, according to data. Despite the fact that this figure appears substantial, monthly volumes in April were close to £5.85 billion.
With over £2.12 billion, OpenSea contributed the lion’s share of the volume. Art Blocks, Async Art, Foundation, LooksRare, Magic Eden, MakersPlace, Nifty Gateway, Solanart, SuperRare were among marketplaces that made important contributions.
Digital collectables marketplaces provide platforms for buying and selling of NFTs. The digital platforms assist those who trade in digital collectables in storing and displaying their NFTs.
The total sales volume in January 2022 was about £13.5 billion, with LooksRare taking the lead with £9.4 billion in sales. The volume in May was £10.2 billion lower than it was in January, equalling a decline of 75%.
Axie Infinity’s average sale value in May dropped to £14.3, a five-month low, while CryptoPunks’ average sale value fell to £111,000, a ten-month low. Average sales values for Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) were respectively £178,000 at a 6-month low and £46,900 a 5-month low.
The volume for OpenSea in May increased by £725 million from April’s figure of £2.84 billion, by £798 million from February’s £2.92 billion, and by £1.93 billion from January’s figure.
The £0.86 billion in May sales for LooksRare was 67% less than the £2.70 billion in April, 64% less than the £2.46 billion in March, 85% less than the £6.3 billion in February, and 90% less than the £9.4 billion in January this year.
One of the largest NFT markets, Magic Eden, reported over £238 million in sales in May. This represented a decrease of 23% from the volume of almost £310 million in January.