Non-fungible tokens (NFTs) caught an uptick in sales in May after months of consistent decline throughout 2025.
Data from CryptoSlam shows that May’s NFT sales climbed to $430 million, up from $373 million in April, a 15% increase. It marks the first monthly sales increase this year, suggesting renewed interest in digital collectibles.
This follows a five-month decline in sales since volume peaked at over $900 million in December 2024. May also had the highest number of transactions in 2025, reaching 5.5 million, according to CryptoSlam.
The sales uptick may be attributed to the divergence between unique NFT buyers and NFT sellers. NFT buyers continued to increase in May, while sellers declined.
NFT sellers dwindle, while buyers increase
May showed a significant jump in unique buyers. The number of users buying NFTs rose by 50% to over 936,000 in May, up from around 622,000 in April.
May’s figures are the largest buyer count since October 2024, hinting at growing investor participation during the month.
While buyers increased, the number of unique sellers continued to decline. In May, NFT sellers fell to around 284,600, the lowest amount recorded on the CryptoSlam platform since April 2021.
The divergence between the growing buyer interest and shrinking seller activity could set the stage for more competitive bidding, which may lead to higher valuations.
Related: Alchemy acquires no-code NFT launchpad HeyMint for undisclosed amount
NFTs set for a comeback in 2025
CryptoSlam strategist Yehudah Petscher said that the market is poised for a rebound, but with a more tempered outlook than its previous highs.
“The NFT market will see a bounce back this year, probably just after BTC sees its top of the cycle,” Petscher told Cointelegraph, suggesting that the momentum in digital collectibles will follow broader crypto market trends.
Despite the bullish sentiment, the strategist told Cointelegraph that the NFT comeback might not be similar to the space’s 2021 or 2022 peak. “Don’t expect a repeat of the 21/22 euphoria that we saw in NFTs,” Petscher said.
Meanwhile, DappRadar analyst Sara Gherghelas said in a May 27 report that the sector needs new catalysts to fully rebound. The analyst said real-world assets (RWAs) linking with NFTs could reignite the lending sector of digital collectibles.
RWA NFTs also showed potential earlier this year. In April, digital collections in the RWA marketplace Courtyard drove Polygon-based NFT sales to $22.3 million. This allowed the blockchain to surpass Ethereum in weekly sales.
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