The market for non-fungible tokens, or NFTs, has slowed down from its peak, but that doesn’t mean the industry is dead—far from it, in fact.

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According to the latest industry report from DappRadar released on Wednesday, NFT sales totaled $3.7 billion in May. While volumes are down 20% from April, activity in the industry remains solid given that crypto assets are generally in a bear market.

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DappRadar also highlighted the fact that market volumes have not fallen as much when measured by their native tokens such as Ether (ETH). Case in point: OpenSea, the largest NFT marketplace, generated 950,000 ETH in trading volume last month, down just 6.5% from April. Measured in US dollars, OpenSea’s monthly volumes are down 25%.

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Meanwhile, Solana NFT posted its best trading month ever, earning $335 million across all trading platforms, up 13% from April.

Even though NFT sales and trading volumes have declined from their peak levels, activity in the industry remains stable. Source: DappRadar.

A report from DappRadar says that NFT collections like Moonbirds and Solana’s Okay Bears were the biggest catalysts for the industry’s solid performance in May. Meanwhile, NFT Goblintown’s free collection has generated $31 million in sales since its May 22 launch. High demand has increased the minimum price of the project from zero to 6 ETH at the time of publication.

Not all news was positive, however, as so-called “blue chip” collections such as the Bored Ape Yacht Club (BAYC) saw their prices plummet as shoppers switched to newly promoted collections. According to DappRadar, BAYC’s floor price dropped by 38% in May, dropping from 150 ETH to 93 ETH.

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While NFTs are not immune to the volatility of the crypto market, it appears that the industry is carving out a strong niche and becoming mainstream in the process. According to a recent report from crypto data aggregator CoinGecko, the NFT market is predicted to move over $800 billion over the next two years.