According to analytics service DappRadar, the NFT market has been experiencing difficulties in recent months, with the number of transactions down since the beginning of January 2023.
In May, there were just over $333m worth of transactions, with more wallets joining NFT platforms and 2.3m transactions in three weeks.
However, DappRadar analyst Sarah Gargelas believes that this month will see the same number of participants as last month, but trading activity is lower than in April. She suggested that this drop is due to new users coming to the trading venues with fewer funds.
This month, the number of active addresses associated with NFTs is up 27%.
The Miladys collection has become one of the major contributors in terms of number of transactions.
Etherium continues to lead the market, tokenising the largest number of collections.
Other networks also saw a surge in transaction activity; blockchains Polygon and Solana recorded sales increases of 13% and 27% respectively, according to a DappRadar report.
