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Solana's NFT sales dive as Bitcoin Ordinals surge

Solana’s secondary non-fungible token (NFT) sales dropped nearly 50% in May, to US$44.9 million from US$85.7 million in April. The Forkast SOL NFT Composite, a measure of NFT activities in the Solana blockchain, also decreased by 12.13% throughout May. Bitcoin’s monthly NFT sales volume skyrocketed by 474% in May, reaching over US$189 million, according to CryptoSlam data. Bitcoin’s monthly NFT sales multiplied by more than six-fold, growing from US$32 million in April to US$195.7 million in May. The Bitcoin blockchain recorded its 10 millionth Ordinals inscription on Monday, Dune Analytics data showed.

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