Bitcoin NFTs Reach $4 Billion in Sales Volume

The nonfungible token (NFT) space faced a substantial reduction in sales during the month of May. Despite this decline, digital collectibles on the Bitcoin blockchain made a significant achievement. According to the data from CryptoSlam on June 4, NFTs on the Bitcoin blockchain surpassed a total all-time sales volume of $4 billion. This milestone encompasses both the NFT sales amounting to $3.97 billion and the wash sales totaling $82 million.

In the past 30 days, Bitcoin-based NFTs recorded a sales volume of $171 million, securing the top position in terms of sales volume across various blockchains. Ethereum followed closely with $159 million in sales, while Solana recorded $90 million within the same period.

Despite leading in 30-day volumes, Bitcoin-based NFTs are positioned as the fourth-largest blockchain in terms of sales volume. The top three spots are held by the Ronin blockchain with a total all-time sales of $4.2 billion.

Solana-based NFTs took the second position with an all-time sales record of $5.5 billion. Ethereum retained its prominence with an impressive $43.8 billion in recorded NFT sales.

The broader NFT market witnessed a decline in sales volumes during May, with CryptoSlam reporting a 54% decrease in monthly NFT sales compared to April. April saw sales exceeding $1 billion, while May recorded a volume of $624 million.

Bitcoin-based collectibles were impacted by this market downturn, experiencing a notable 68% decline in sales in May. Nonetheless, Bitcoin transactions reached a yearly high, surpassing $25 billion in transaction value on May 28. This surge in transaction value coincided with Bitcoin trading around $69,000.

For further insights into Bitcoin transactions and the NFT market trends, refer to the related articles mentioned above.