DappRadar data shows the NFT market is far from dead

The non-fungible token (NFT) market has slowed from its peak, but that doesn’t mean the industry is dead — far from it, in fact.

According to the latest industry report released by DappRadar on Wednesday, NFT sales in May reached a very healthy $3.7 billion. While trading volumes are down 20% compared to April, industry activity remains robust considering cryptoassets are in a bear market as a whole.

DappRadar also highlights the fact that market volumes have not dropped as much when measured in native tokens such as ETH. For example: OpenSea, the largest NFT marketplace, had a transaction volume of 950,000 ETH last month, down only 6.5% compared to April. In dollar terms, OpenSea's monthly transaction volumes are down 25%.

Meanwhile, Solana NFT posted its best trading month ever, generating $335 million in volume across all markets, a 13% increase compared to April.

While NFT sales and transaction volumes are down from their peaks, industry activity remains strong. Source: DappRadar

NFT collections such as Moonbirds and Solana’s Okay Bears were the biggest catalysts for the industry’s solid performance in May, according to DappRadar’s report. Meanwhile, the free-minting NFT series Goblintown has generated $31 million in sales since its launch on May 22. High demand has pushed the project's floor price from 0 to 6 ETH as of this writing.

However, not all the news was positive, with so-called 'blue chip' collections such as BAYC dropping in value significantly as buyers moved to newly hyped collections. According to data from DappRadar, the floor price of BAYC fell by 38% in May, from 150 ETH to 93 ETH.

While NFTs are not immune to volatility in the crypto market, the industry appears to be carving out a strong niche and gaining mainstream adoption in the process. According to a recent report by crypto data aggregator CoinGecko, the NFT market volume is expected to exceed $800 billion in the next two years.