NFT Market Report - May

NFT Monthly Report - May 2023

In May 2023, there were many changes in the NFT market. This brief report shares important news, market numbers, interesting stories, and new trends. It gives a clear picture of what's happening now in the NFT world and what might happen in the future.


The NFT marketplace experienced significant changes in May. Bitcoin NFTs, especially Ordinal Inscriptions, have gained momentum, with over 10 million new creations and $173 million processed in NFT transactions. Many exciting events and news have urged investors into this booming marketplace. Notably, Binance introduced a novel NFT loan feature, vertex Labs acquired HAPE empowering its metaverse vision, and Axie Infinity debuted a new NFT game on Apple App Store. NFT scams raised concerns after a cancer charity hoax collected $117,000 via Pixel Penguins Art Collection. However, the market also saw the successful collaborations of Doodles with Camp and Mercedes Benz making its debut in the NFT world with generative artist @harmvddorpel. Meanwhile, Bitcoin Art NFTs are in the spotlight, manifesting the rising popularity of Ordinal inscriptions. Despite the market being 'cold,' it was a pivotal month for NFT enthusiasts worldwide.

This summary is AI generated, want to learn more? Read here.


Bitcoin NFTs are the hottest trend in town! Over 10 million new ordinal inscriptions have been created. Ethereum NFTs have shown a slight decline in the last three months, while meme-coins are on the rise. What's happening to the NFT market?!

Welcome to another Flagship's monthly NFT market report! May was filled with exciting events, news, and developments (and a bit of drama). In this report, we'll cover the top news in case you missed any, as well as examine the market statistics and the top-performing collections in the last 30 days. Let's dive in!

In this report:

  • Bitcoin NFTs Gain Traction
  • Binance Introduces New NFT Loan Feature
  • ERC-6551: Transforming NFTs into Web3 Wallets
  • Vertex Labs' Acquisition of HAPE
  • Axie Infinity Debuts 'Lite' NFT Game on Apple App Store
  • OnChainMonkey Prepares for 'OCM Dimensions' BTC collection
  • Mercedes Benz Steps into the NFT
  • Pudgy Penguins: A Testament to Web3 Resilience
  • Nike's OF1 NFT Digital Sneaker Collection Hits $1M in Sales
  • NFT Scandal: Cancer Charity Hoax Raises $117K through Pixel Penguins Art Collection
  • Fewocious Announces Details for Long-Awaited PFP Collection
  • Doodles Teams Up with Camp to Enhance Interactive Experiences
  • Market Statistics - May 2023
  • Market Sentiment
  • Top Sales of the Month

Top NFT News of the Month


Bitcoin NFTs Gain Traction

In the month of May, we witnessed a significant upswing in the popularity of Ordinals Inscriptions (or Bitcoin NFTs). The total NFTs inscribed into the bitcoin blockchain just surpassed the 10 million mark! Bitcoin Ordinals processed a total of $173 million in NFT transactions. This development has introduced a new application for Bitcoin, incorporating elements such as NFTs, BRC-20 tokens, memecoins, and more. As a result, Bitcoin has solidified its position as the second most influential blockchain for NFTs.

In comparizon, Ethereum remains in the lead, having processed NFT transactions worth $390 million during May. Meanwhile, Solana processed only $49 million.

Ordinals Inscriptions

Binance Introduces New NFT Loan Feature

Binance debuted an innovative NFT Loan Feature in the last week of May. Initially, the feature is designed to support Ethereum loans and a selection of NFTs from top-rated collections like Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, and Doodles. This new service provides an opportunity for people to leverage their premium NFTs as collateral to borrow cryptocurrencies, beginning with Ethereum. This initiative effectively bridges the gap between DeFi and the Binance NFT community.

Binance NFT Loans

ERC-6551: Transforming NFTs into Web3 Wallets

ERC-6551quietly emerged as a groundbreaking development in the NFT sector. It introduces token-bound accounts, allowing individual NFTs to become self-contained "wallets." For instance, a Bored Ape NFT can "wear" accessories stored as NFTs within it, making it possible to sell the ape and its accessories as a bundle. This upgrade from ERC-721 improves NFTs by providing each with its own smart contract wallet. It enables transactions, app interactions, and asset management in one place. While compatibility, security, and congestion-related challenges exist, ERC-6551 opens exciting possibilities for NFTs, requiring users to stay vigilant against scams.


Vertex Labs' Acquisition of HAPE Fuels Metaverse Vision

Vertex Labs recently expanded its portfolio with the acquisition of HAPE, a move that is believed to reinforce the company's metaverse ambitions. The company plans to implement a staking program, which has workes to increase the floor price of the collection. Besides having released their own token, Vertex Labs operates a platform capable of rendering 3D models by utilizing shared resources. The company's primary objective is to be the driving force behind the 3D infrastructure in the metaverse.

With the incorporation of HAPE, Vertex Labs plans to capitalize on the existing collection that comes with an established community. There are hints of intriguing developments set to unfold over the upcoming months.


Axie Infinity Debuts 'Lite' NFT Game on Apple App Store

Axie Infinity was once one of the leading play-to-earn NFT games reaching up to 2.8M users at its top. Later, they experienced a major hack, losing over $600M, a record-breaking event in the crypto world. Now, the game is starting to regain its momentum with the launch of a 'Lite' version of its NFT game on the Apple App Store. Why does this matter? It's Apple's first step towards welcoming NFT games into its App Store, opening up digital gaming to over a billion people.

Here's a short summary of the game:

  • Players can fight, earn, and trade digital treasures (NFTs).
  • The game is currently only accessible in Latin America and Southeast Asia.
  • Beginners get a free "starter character" without buying an NFT.
  • Current players can shift their digital treasures to the new app.
  • Some rewards are only claimable on a computer, not the app.
  • Apple will take a 30% cut.
Axie Infinity

OnChainMonkey Prepares for 'OCM Dimensions' Bitcoin collection:

Following a solid track record of success in the Ethereum blockchain, the team behind OnchainMonkey continues to strengthen their ecosystem with fresh ideas, maintaining an engaged and enthusiastic community. Even during a down market, this collection consistently delivered impressive results. OCM was of the early entrants in the Bitcoin NFT space, when Danny Hueb inscribed OCM genesis into the very first Ordinals Inscriptions (under 10K inscriptions). Following the success of this move, they are now preparing for an upcoming new release. OnChainMonkey will be launching a new collection on the Bitcoin blockchain titled 'OCM Dimensions' on June 15, 2023. The hype around these highly anticipated NFTs has caused a surge in investors seeking whitelist access, hoping to mint, own and trade these NFTs once they become available.

Mercedes Benz Steps into the NFT

Last year we experienced the launch of Porsche's successful NFT collection. Mercedes Benz is now paving a similar path. The luxury car manufacturer recently announced their upcoming NFT collection, a joint venture with generative artist @harmvddorpel. This marks the debut collection from Mercedes-Benz NXT, an exciting new step for the brand. Only time will tell whether this venture can capture the attention and approval of the NFT community. In the past, we have seen big brands entering the NFT space being criticized for being merely cash grabs. Let's hope it's not a bumpy road!

Mercedes Benz NFT

Pudgy Penguins and Web3 Resilience

The Pudgy Penguins NFT initiative, which had been previously struggling, has lately demonstrated a remarkable comeback. On May 18th, following the introduction of Pudgy Toys on Amazon, the floor price for this Pudgy Penguins leaped by over 6 ETH. The project's trajectory took an even more positive turn with the unveiling of an online platform enabling users to design and personalize their digital penguins through NFTs. Further boosting the project's prestige, Blend, Blur's lending platform, has included the collection in its portfolio, ranking it alongside top-tier NFTs such as BAYC and Azuki. This series of events continues to strengthen the project's momentum.

Pudgy Penguins

Nike's OF1 NFT Digital Sneaker Collection Hits $1M in Sales

Nike has enjoyed significant success with the launch of its first NFT sneaker line on their Web3 platform, The digital sneaker collection surpassed the million-dollar mark in sales, in spite of numerous setbacks and technical difficulties. The launch, initially scheduled for May 15, was delayed by a week due to multiple postponements and site crashes. However, this didn't deter those granted "First Access," who had the opportunity to purchase ahead of the general public. By the end of May, more than 66,000 of these digital assets had been claimed, generating roughly $1.3 million in revenue. Nevertheless, a sizable portion - over a third of the inventory - remains available for purchase. Nike has expressed satisfaction with the outcome and affirmed its ongoing commitment to the Web3 space.

Nike OF1 NFT

NFT Scandal: Cancer Charity Hoax Raises $117K through Pixel Penguins Art Collection

In the last week of May, the NFT Twitter community was hit by a scandal. A scammer, identified on Twitter as @hopeexist, deceitfully raised $117,000 by fabricating a cancer charity linked to an NFT collection named Pixel Penguins. The fraudster impersonated a Chinese pixel artist, purportedly battling lacrimal gland cancer, and claimed the NFT collection was established to finance her medical expenses. The campaign was promoted by a NFT known Twitter personality like Andrew Wang, which has a large following and later apologized for this. Nevertheless, the funds and Sarah's Twitter account disappeared soon after, uncovering the scheme. This highlighted the escalating issue of scams, and rug pulls within the NFT space. However, it also reminded us that, in spite of such setbacks, there are many individuals contributing positively to the NFT community.

Pixel Penguins

Fewocious Announces Details for Long-Awaited PFP Collection

The popular NFT artist Fewocious recently disclosed information about the much-anticipated "Fewos" collection. Set to debut in the week of August 21, this collection will feature 20,000 generative avatars split into three distinct groups: Frankensteins, Misunderstoods, and Humanoids. Adding a unique twist, Fewocious is introducing "backpack" wallets, enabling Fewos to own their own NFTs. Collectors will have the chance to obtain "Flowers" NFTs, serving as mint passes for future FewoFashion items.

The sale process will roll out in three stages, beginning with a pre-sale for Paint Holders, followed by a pre-sale for existing Fewocious holders, and concluding with a general public sale. Specifics regarding timing and pricing are still to be announced.

Doodles Teams Up with Camp to Enhance Interactive Experiences

Doodles, one of the most popular NFT brands, is joining forces with Camp to create more immersive encounters for its users. By partnering with Camp, renowned for its one-of-a-kind stores that combine shopping and play, Doodles collectors will gain exclusive perks like free entry, merchandise credits, and the opportunity to design personalized items. This collaboration builds upon Doodles' previous ventures in the Web3 space, such as Doodles 2 wearables and notable events like SXSW and Doodleputt. The objective is to expand the Doodles community into the physical world, with the introduction of a specialty toy store, engaging events for all ages, and guiding customers to explore The Stoodio, Doodles' digital collector experience. Ultimately, Doodles aims to reach a wider audience, extending beyond the Web3 community, by offering a captivating retail setting that provides an immersive experience for all.

Doodles Camp

Market Statistics - May 2023

Monthly Change in Cryptocurrencies:

  • Bitcoin: -7% | $27,220
  • Ethereum: -0% - $1,860
  • Solana: -9.33% - $20.72
  • Polygon: -9.20% - $0.89
  • Cardano: -5.93% - $0.37
  • Avalanche: -17.12% - $14.12

NFT Rankings - Top 30 Collections Monthly Chart

NFT Rankings

Chart Highlights

Openpen Edition had an impressive month, finishing May with a remarkable 307% increase in floor price. ON1 Force also joined the list of winners, experiencing a 180% price surge in the last 30 days. Nikamigos continued to perform well, with a solid 102% price increase.

Among the blue-chip assets, the Bored Ape Yacht Club saw a slight decline of -3% but managed to maintain a floor price of 45 ETH. This may change as the entire Yuga Labs ecosystem gears up for the release of their upcoming game. Degods ended the month positively, with a floor price of 8.5, marking an 8.6% increase from the previous month. On the other hand, Cryptopunks slipped in the leaderboard, experiencing a decrease of -7.82% in May.

NFT Collections - 30 Day

Market Sentiment

The NFT market remains 'cold' compared to the all-time highs we saw during 2021. The market is still being dominated by sellers.

NFT Market Sentiment

NFT Marketcap & Growth (3 Month chart)

Despite the success of Bitcoin Ordinals, the NFT market remains in the bearish side. We are seeing trading volume similar to the begining of the year. We have seen some NFT traders, selling NFTs to move into the meme coin market as it's experiencing hype. The total volume of NFT sales across all collections is having a downtrend since the last three months, closing the month with a total trading volume of $554M.

NFT Market Cap & Volume
NFT Market Cap & Volume

Marketplace Distribution

Most of the trading is happening on Blur, with a total trading volume of $490 million in May. OpenSea continues to dominate as the number one marketplace in terms of total NFT sales, with 307,000 sales compared to Blur's 168,000. Blur's lending service has attracted a large number of advanced traders. Looksrare maintains its position in third place, with a focus on art projects. We have witnessed interest from Apple and Amazon in adopting NFT sales. It remains to be seen if they can surpass the current marketplace leaders in terms of sales volume.

NFT Marketplaces - 30 Day Statistics
NFT Marketplaces - 30 Day Statistics

NFTs by Type

The NFT market continues to see significant activity primarily in the category of Profile Picture NFTs. However, there is still relatively modest demand for music, sports, and photography NFTs. Profile Picture NFTs have consistently held the top position for quite some time. In order for the NFT ecosystem to expand, it is crucial to implement other utilities for this technology. Bitcoin Art NFTs are worth keeping an eye on, especially as the popularity of Ordinal inscriptions continues to rise.

NFTs by Type
NFTs by Type

Top 10 NFT Sales of May

Top 10 NFT Sales of May
Top 10 NFT Sales of May

That's all for this month's report! We'll see you again next month!

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Disclaimer: Nothing on this site should be construed as a financial investment recommendation. It’s important to understand that investing is a high-risk activity. Investments expose money to potential loss.



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