Despite a 54% decline in overall NFT sales, Bitcoin-based NFTs led in recent sales volume and set new transaction records.
In May, the NFT market experienced a significant drop in sales, with an overall decline of 54%. Despite this downturn, Bitcoin-based NFTs reached a significant milestone. As of June 4, the total all-time sales volume of Bitcoin NFTs exceeded $4 billion, according to CryptoSlam. This figure includes $3.97 billion in genuine sales and $82 million in wash sales.
In the past 30 days, Bitcoin NFTs recorded a sales volume of $171 million, making Bitcoin the leading blockchain for NFT sales volume in that period. Ethereum followed with $159 million, and Solana with $90 million.
Despite leading in recent sales volume, Bitcoin is only the fourth-largest blockchain in overall NFT sales. The Ronin blockchain ranks third with $4.2 billion in total sales. Solana takes second place with $5.5 billion, while Ethereum remains the top blockchain for NFT sales with a staggering $43.8 billion.
Broader NFT Market Faces Challenges
The broader NFT market struggled in May, with a notable decline in sales volumes. According to CryptoSlam, there was a 54% drop in monthly NFT sales from April to May. In April, the market saw over $1 billion in sales, but this number fell to $624 million in May. This decline also impacted Bitcoin NFTs, which saw a 68% drop in sales during the same period.
Despite the challenges, Bitcoin achieved a new record in transaction value on May 28, with transactions worth over $25 billion, the highest in the past year. On that day, about 367,000 BTC were moved on the blockchain, valued at approximately $25.5 billion when Bitcoin’s price was around $69,000.
In summary, while the overall NFT market saw a decline in May, Bitcoin-based NFTs hit a significant milestone with over $4 billion in total sales. Bitcoin also led in sales volume for the past 30 days. However, it remains the fourth-largest blockchain for all-time NFT sales, behind Ethereum, Solana, and Ronin. Despite the recent downturn, Bitcoin set a new record for transaction value, indicating robust activity on the network.
