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Bitcoin NFTs Surpass $4 Billion in Total Sales Volume

Jun 4, 2024 at 06:03

Bitcoin now ranks fourth in all-time NFT sales volume, trailing only Ethereum, Solana, and Ronin.

Despite a 54% decline in overall nonfungible token (NFT) sales in May, Bitcoin-based digital collectibles achieved a significant milestone. On June 4, CryptoSlam reported that the total all-time sales volume of NFTs on the Bitcoin blockchain exceeded $4 billion. This figure includes $3.97 billion from NFT sales and $82 million from wash sales.

Over the past 30 days, Bitcoin-based NFTs have generated $171 million in sales, securing the top position in sales volume by blockchain. Ethereum followed with $159 million, and Solana recorded $90 million in the same period.

Bitcoin NFTs Trail Behind Ethereum in All-Time Sales

While Bitcoin NFTs lead in recent sales volumes, Bitcoin remains the fourth-largest blockchain by total sales. Ronin ranks third with $4.2 billion in all-time sales, Solana holds second place with $5.5 billion, and Ethereum dominates the market with $43.8 billion in total sales.

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Bitcoin NFTs Affected by Market Downturn

The NFT market experienced a significant drop in sales volumes in May. CryptoSlam data from May 31 indicated a 54% decline in monthly NFT sales compared to April. April’s sales exceeded $1 billion, whereas May’s volume fell to $624 million.

Bitcoin-based NFTs were not immune to this trend, suffering a 68% decrease in sales during May.

Bitcoin Transaction Value Reaches Annual High

In addition to Bitcoin NFTs achieving a new sales milestone, the Bitcoin network also set a new record for transaction value. On May 28, Bitcoin transactions reached an estimated value of over $25 billion, the highest in the past year. data showed that Bitcoin holders moved approximately 367,000 BTC on May 28. At that time, Bitcoin’s price was around $69,000, bringing the total transaction value to $25.5 billion.

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