Key Points
- Bitcoin-based NFTs hit a new milestone with total all-time sales volume over $4 billion.
- Ethereum remains the top network for NFT sales, despite Bitcoin leading in 30-day volumes.
In May, the nonfungible token (NFT) sector experienced a 54% decrease in sales.
However, a new achievement was noted in the realm of digital collectibles on Bitcoin.
Bitcoin NFTs Reach New Milestone
On June 4, NFT data tracker CryptoSlam reported that NFTs on the Bitcoin blockchain had an all-time sales volume exceeding $4 billion.
This figure includes $3.97 billion in NFT sales and $82 million in wash sales.
Over the past 30 days, Bitcoin-based NFTs have seen a sales volume of $171 million, making it the top blockchain in terms of sales volume.
It was followed by Ethereum, which had $159 million, and Solana, with $90 million in sales over the past month.
Despite Bitcoin-based NFTs leading in 30-day volumes, it is only the fourth-largest blockchain in terms of sales.
It trails the Ronin blockchain, which holds the third spot with $4.2 billion in all-time sales.
NFTs based on Solana hold second place, with a record $5.5 billion in all-time sales.
Meanwhile, the Ethereum network remains the leader in NFT sales, with a staggering $43.8 billion in recorded sales.
Bitcoin NFTs Affected by Market Slump
The wider NFT market also experienced lower sales volumes in May.
On May 31, CryptoSlam reported a 54% drop in monthly NFT sales volume compared to April.
In April, NFTs recorded over $1 billion in sales, while May saw a volume of $624 million.
This decline in sales volume also impacted Bitcoin-based collectibles, with a 68% decrease in sales in May.
In addition to Bitcoin NFTs recording a new all-time sales milestone, the network also saw a new high in transaction value.
On May 28, transactions on the Bitcoin network reached an estimated value of over $25 billion, the highest in the last year.
Blockchain.com, a Bitcoin explorer, showed that about 367,000 BTC were moved on the blockchain on May 28.
At that time, Bitcoin’s price was around $69,000, making the transactions worth $25.5 billion.
