Bitcoin NFTs Hit $4B in Total Sales Despite Market Slump; BTC Transaction Value Soars
Summary:
Despite a 54% decrease in nonfungible token (NFT) sales in May, Bitcoin's digital collectibles achieved a new peak with over $4 billion in total sales. However, Bitcoin is only the fourth-largest blockchain in overall sales, trailing Ethereum, Solana, and the Ronin blockchain. The broader NFT market also suffered in May, experiencing a 54% decline in sales volume. On another note, Bitcoin marked a new record in transaction value on May 28, hitting an estimated value of over $25 billion.
In spite of a 54% decrease in nonfungible token (NFT) sales during May, Bitcoin's digital collectibles hit a fresh milestone. On June 4, according to CryptoSlam, a platform that tracks NFT data, NFTs utilizing the Bitcoin blockchain surpassed a collective lifetime sales of over $4 billion. This data synthesizes regular NFT sales totaling $3.97 billion and wash sales amounting to $82 million. Over the past 30-days, $171 million in sales volume was logged by NFTs on the Bitcoin network, leading the pack in blockchain sales volume. Ethereum came second with $159 million, followed by Solana recording $90 million within the last month. However, when viewing cumulative sales, Bitcoin-based NFTs are only the fourth-largest blockchain, behind the Ronin blockchain holding the third spot with $4.2 billion in sales. In second place, Solana-based NFTs have notched up an impressive $5.5 billion in lifetime sales. Topping the list is the Ethereum network, boasting recorded NFT sales worth an illustrious $43.8 billion. Although Bitcoin-based NFTs are chart leaders in 30-day volumes, a market decline also impacted its performance with monthly NFT sales shrinking by 54% in May, as reported by CryptoSlam. While April witnessed over $1 billion in NFT sales, May only posted a turnover of $624 million. Bitcoin-related collectibles also experienced a 68% drop in sales during May. In addition to marking a new high in NFT sales, Bitcoin also generated a new record in transaction value. Data from Bitcoin explorer Blockchain.com revealed that approximately 367,000 BTC were circulated on the blockchain on May 28, reaching an estimated value exceeding $25 billion. During that day, Bitcoin cost approximately $69,000, pushing the transaction value up to an impressive $25.5 billion. This represents the highest value in transactions over the last year.
Published At
6/4/2024 1:11:09 PM
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