FameEX Hot Topics | Bitcoin NFTs Reach $4 Billion in Total Sales Volume

Despite a significant downturn in the overall nonfungible token (NFT) market, Bitcoin-based digital collectibles have reached a remarkable milestone. According to data from NFT tracker CryptoSlam, as of June 4, NFTs on the Bitcoin blockchain have achieved an all-time high sales volume of over $4 billion. This figure includes $3.97 billion from direct sales and an additional $82 million from wash sales.

In the past 30 days alone, Bitcoin-based NFTs have led in sales volume among blockchains, recording $171 million. This places them ahead of Ethereum, which saw $159 million in sales, and Solana, which posted $90 million. Despite these impressive figures, Bitcoin ranks as the fourth-largest blockchain in terms of total sales volume. It trails the Ronin blockchain, which has accumulated $4.2 billion in sales, securing the third position.

Solana-based NFTs hold the second position in the all-time sales leaderboard with $5.5 billion, while Ethereum remains the unrivaled leader with a staggering $43.8 billion in sales. However, the broader NFT market experienced a slump in May, with CryptoSlam reporting a 54% decrease in monthly sales volume compared to April. In that month, the NFT market soared to over $1 billion in sales, but figures for May showed a steep drop to just $624 million.

The decline in the market also impacted Bitcoin-based NFTs, which saw a 68% reduction in their sales during May. Despite this, the Bitcoin network not only marked a significant sales milestone but also set a new record for transaction value. On May 28, Bitcoin transactions on the network reached an estimated value of over $25 billion, the highest in the past year. This spike in transaction value coincided with significant activity on the Bitcoin blockchain, where approximately 367,000 BTC were moved. At the time, with Bitcoin's price around $69,000, these transactions amounted to roughly $25.5 billion according to data from Bitcoin explorer Blockchain.com.

This performance underlines the volatile yet continually evolving nature of the NFT market, with Bitcoin-based collectibles carving out significant milestones despite broader market challenges.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.