Bitcoin NFTs hit $4B in all-time sales volume

(Coin Telegraph)-05/06/2024

While the overall nonfungible token (NFT) space saw a 54% drop in sales in May, digital collectibles on Bitcoin reached a new milestone. 

On June 4, NFT data tracker CryptoSlam showed that NFTs on the Bitcoin blockchain reached a total all-time sales volume of over $4 billion. The data combined the NFT sales, which were $3.97 billion, and the wash sales, which were $82 million.

In the last 30 days, Bitcoin-based NFTs recorded a sales volume of $171 million, taking the top spot in terms of sales volume by blockchain. The network was followed by Ethereum, which had $159 million and Solana, which recorded $90 million in the past month.

Bitcoin NFTs are still far from Ethereum

Even though Bitcoin-based NFTs are leading the charts in 30-day volumes, the network is only the fourth-largest blockchain in sales. It follows the Ronin blockchain, which holds the top three spot with $4.2 billion in all-time sales.

Solana-based NFTs hold the second place, with a $5.5 billion record for all-time sales. Meanwhile, the Ethereum network retains the top spot for NFT sales, with a whopping $43.8 billion in recorded sales.

Bitcoin NFTs also hit by market slump

The broader NFT market also saw lower sales volumes in May. On May 31, CryptoSlam showed a 54% decline in monthly NFT sales volume compared to April. In April, NFTs saw over $1 billion in sales, while May recorded a volume of $624 million.

The decline in sales volume also affected Bitcoin-based collectibles. The data showed that NFTs based on Bitcoin experienced a 68% decline in sales in May.

Bitcoin transaction value hits yearly high

Apart from Bitcoin NFTs recording a new all-time milestone for sales, the network also saw a new record in transaction value. On May 28, Bitcoin transactions reached an estimated value of over $25 billion, its highest in the last year.

Bitcoin explorer Blockchain.com showed that Bitcoin holders moved about 367,000 BTC on the blockchain on May 28. At the time, Bitcoin’s price hovered around $69,000, making the transactions worth $25.5 billion.