Bitcoin-based NFTs have reached a significant milestone, hitting over $4 billion in total sales volume despite a general downturn in the NFT market. According to CryptoSlam, a renowned NFT data tracker, this achievement includes $3.97 billion in NFT sales and $82 million in wash sales.
In the past 30 days, Bitcoin NFTs have seen impressive activity, recording $171 million in sales. This positions Bitcoin at the top of the sales volume leaderboard, outpacing Ethereum’s $159 million and Solana’s $90 million in the same period.
Despite this recent surge, Bitcoin NFTs still lag behind other blockchains in overall sales. The Ronin blockchain holds third place with $4.2 billion in all-time sales, while Solana claims second with $5.5 billion. Ethereum remains the dominant player with a staggering $43.8 billion in sales.
The broader NFT market experienced a significant decline in May, with a 54% drop in sales volume compared to April. May recorded $624 million in NFT sales, down from over $1 billion in April. This slump also impacted Bitcoin NFTs, which saw a 68% decrease in sales during the same period.
Despite the NFT market’s struggles, Bitcoin itself saw a remarkable surge in transaction volume. On May 28, Bitcoin transactions hit a yearly high, reaching an estimated $25 billion in value. Blockchain.com reported that approximately 367,000 BTC were moved on the blockchain that day, with Bitcoin prices around $69,000, totaling $25.5 billion in transactions.
In summary, while Bitcoin NFTs are experiencing significant growth, they are still behind Ethereum and other blockchains in overall sales. However, the recent surge in transaction volume and NFT sales on the Bitcoin network highlights its growing influence in the digital asset space.