Bitcoin NFTs Surpass $4 Billion Sales Despite Market Downturn

Bitcoin NFTs have hit a big milestone, CryptoSlam announced on June 4 that Bitcoin NFTs crossed $4 billion in total sales. This includes $3.97 billion in real sales and $82 million in wash sales. This happened despite the NFT market taking a big dip in May.

In the last 30 days, Bitcoin-based NFTs have shown strong performance. They recorded a sales volume of $171 million. This placed Bitcoin at the top for sales volume among blockchains for the month. Ethereum followed with $159 million in sales, while Solana recorded $90 million.

Comparison with Ethereum and Other Blockchains

Despite recent success, Bitcoin NFTs still lag behind in overall sales. The Ronin blockchain holds the third spot with $4.2 billion in all-time sales. Solana NFTs rank second with $5.5 billion. Ethereum remains the leader with an impressive $43.8 billion in sales.

Top five blockchains by all-time sales volume. Source: CryptoSlam

The broader NFT market faced a downturn in May. Sales volumes dropped by 54% compared to April. In April, the market saw over $1 billion in sales. May recorded only $624 million. This decline also impacted Bitcoin NFTs. Collectibles based on Bitcoin saw a 68% decline in sales in May.

Bitcoin Transaction Value Peaks

Bitcoin witnessed a new record in transaction value, alongside its success in NFT sales. On May 28, transactions involving Bitcoin surged past $25 billion, marking the highest value recorded in the past year. Blockchain.com data revealed that approximately 367,000 BTC were moved by Bitcoin holders on that day. Notably, Bitcoin’s price hovered around $69,000 at the time, contributing to the transactions’ collective worth of $25.5 billion.

Bitcoin NFTs have achieved a significant milestone despite the market slump. Recent performance has been strong, but Ethereum still dominates in total sales volume. Bitcoin’s transaction value has also reached a new yearly high, showing strong activity on the network.