Despite a roughly 54% decline in overall NFT sales in May, digital collectibles on the Bitcoin network have reached a new milestone.
Over $4 Billion in All-Time Sales Volume
On June 4, NFT data tracker CryptoSlam reported that NFTs on the Bitcoin blockchain had reached a total all-time sales volume of more than $4 billion, or approximately €3.68 billion. This figure combines regular NFT sales, which amounted to $3.97 billion, with so-called “wash sales” worth $82 million.
In the past 30 days, Bitcoin-based NFTs recorded a sales volume of $171 million, ranking first in terms of sales volume per blockchain. Ethereum followed with $159 million and Solana recorded $90 million in the same period.
Bitcoin NFTs Lead the Charts
Although Bitcoin-based NFTs top the charts in 30-day sales volumes, the network only ranks fourth in terms of total all-time sales. It follows the Ronin blockchain, which holds a top 3 position with $4.2 billion in all-time sales.
Solana-based NFTs rank second with a record $5.5 billion in total sales. Meanwhile, the Ethereum network retains the top spot with a whopping $43.8 billion in registered sales.
The broader NFT market also saw a decline in sales volumes in May. On May 31, CryptoSlam reported a 54% drop in monthly NFT sales volume compared to April. More than $1 billion worth of NFTs were sold in April, while May recorded a volume of $624 million.
This decline in sales volume also affected Bitcoin-based collectibles. The data showed a 68% drop in Bitcoin NFT sales in May.
Record in Transaction Value on the Bitcoin Network
In addition to the new sales milestone, the Bitcoin network also saw a new record in transaction value. On May 28, Bitcoin transactions reached an estimated value of over $25 billion, the highest in the past year.
According to Bitcoin explorer Blockchain.com, Bitcoin holders moved approximately 367,000 BTC on the blockchain on May 28. At the time, Bitcoin’s price hovered around $69,000, resulting in transactions worth $25.5 billion.
Source: https://newsbit.nl/bitcoin-nfts-bereiken-nieuwe-mijlpaal/
