Bitcoin NFTs reach record sales volume with 4 billion USD
2 min readWhile the overall non-fungible token (NFT) market saw a 54% drop in sales in May, Bitcoin-based digital collectibles reached a significant new record.
According to NFT data tracker CryptoSlam, on June 4th it was revealed that NFTs on the BTC blockchain have reached an all-time high total sales volume, surpassing 4 billion USD. This data includes NFT sales, which totaled 3.97 billion USD, and wash trading, which contributed 82 million USD.
In the last 30 days, NFTs using the BTC blockchain led the sales volume among blockchains, recording 171 million USD. This amount put the BTC network ahead of Ethereum and Solana, which recorded, respectively, 59 million and 90 million USD in sales last month.
Bitcoin NFTs lead in volume, but rank fourth in total sales
Although Bitcoin-based NFTs are leading the rankings in terms of volume over the last 30 days, they only rank fourth in total sales among blockchains. The Ronin blockchain is ahead, occupying the top three spots with a cumulative sales volume of 4.2 billion USD.
NFTs based on the Solana blockchain are in second place, reaching a record 5.5 billion USD in total sales. In turn, the Ethereum network maintains leadership in NFT sales, with an impressive volume of 43.8 billion USD in sales recorded to date.
The NFT market as a whole experienced a drop in sales volumes in May. According to CryptoSlam, there was a 54% reduction in the monthly sales volume of NFTs compared to April. While in April sales exceeded 1 billion USD, in May the volume was just 624 million USD.
This decline also directly impacted BTC-based NFTs, which suffered a 68% drop in sales during the month of May.
Record movement of Bitcoins
In addition to Bitcoin NFTs reaching a new milestone in sales, the network also recorded a new record in transaction value. On May 28, the value of BTC transactions surpassed the 25 billion USD mark, the highest value recorded in the last year.
According to data from blockchain explorer Blockchain.com, approximately 367,000 BTC were moved on the Bitcoin network on May 28. At that time, the price of BTC was around 69,000 USD, bringing the total value of transactions to 25.5 billion USD.
