Bitcoin NFT Sales Volume Reaches $4 Billion

Despite a 54% decrease in overall nonfungible token (NFT) market sales in May, Bitcoin-based digital collectibles achieved a significant milestone.

According to NFT data provider CryptoSlam, as of June 4, NFTs on the Bitcoin blockchain surpassed a cumulative sales volume of $4 billion.

This figure includes $3.97 billion in NFT sales and $82 million in wash sales.

Over the past 30 days, NFTs on the Bitcoin blockchain saw a sales volume of $171 million, positioning them at the forefront in blockchain sales.

Ethereum followed closely with $159 million in sales, while Solana recorded $90 million during the same period.

Although Bitcoin-based NFTs topped the 30-day sales chart, they rank fourth in overall blockchain sales volumes.

The Ronin blockchain leads the category with $4.2 billion in total sales.

Solana-based NFTs are second in the ranking with all-time sales of $5.5 billion. Ethereum remains the leader in the NFT market, boasting a staggering $43.8 billion in sales.

The broader NFT market experienced a downturn in May, with CryptoSlam reporting a 54% reduction in sales volume at the end of the month compared to April.

In April, the NFT market generated over $1 billion in sales, while May saw a reduction to $624 million.

This downward trend also impacted Bitcoin-based collectibles, which saw a 68% drop in sales for May.

In addition to reaching a new sales milestone, the Bitcoin network also set a record for transaction value.

On May 28, transaction volumes on the Bitcoin blockchain hit a yearly high with an estimated value of over $25 billion.

Data from Bitcoin explorer Blockchain.com revealed that approximately 367,000 BTC were moved on May 28, with Bitcoin's price at around $69,000, culminating in transactions worth $25.5 billion.

Sources:

https://cointelegraph.com/news/bitcoin-nfts-4-billion-all-time-sales-volume

https://www.cryptoslam.io/blockchains/bitcoin?headerPeriod=all&tab=Sales+Volume