Crypto analytics platforms Nansen and CryptoSlam's NFT indexes have hit record lows, reflecting the struggling NFT market. Nansen's flagship NFT-500 index, which tracks 500 Ethereum-based collections, dropped to 213 points on May 26, indicating an almost 80% decrease in value since the start of 2022. Other indexes representing different NFT categories are also near or at their lowest levels.

For instance, the Blue-Chip 10 index, featuring the top 10 Ethereum-based collections by market cap, has fallen to a record low of 256. Metaverse NFTs have suffered the most, with their index dropping to a record low of 80 in mid-April 2024, a 92% decline. The Social-100, Art-20, and Game-50 indexes are also nearing their record lows.

CryptoSlam's Composite NFT-500 Index, which tracks 500 collections across 11 non-Bitcoin chains, reached its lowest level on May 19, falling to 1,464, a 95% decline from its launch. The NFT market has been in a free fall since 2021, with recent recovery attempts primarily driven by Bitcoin NFTs built on the Ordinals protocol.