FameEX Hot Topics | Bitcoin NFTs Achieve $4 Billion in Cumulative Sales Volume

Despite a broad downturn in the nonfungible token (NFT) market, Bitcoin-based digital collectibles have achieved a significant milestone. As reported by NFT data tracker CryptoSlam, as of June 4, NFTs on the Bitcoin blockchain surpassed an all-time high sales volume exceeding $4 billion. This total comprises $3.97 billion from direct sales and an additional $82 million from wash sales, underscoring a robust interest in Bitcoin-based NFTs.

Over the last 30 days, Bitcoin-based NFTs topped the sales volume among blockchains with $171 million, outpacing Ethereum's $159 million and Solana's $90 million. Despite these strong sales, Bitcoin is the fourth-largest blockchain by total sales volume, following the Ronin blockchain, which has reached $4.2 billion in sales, holding the third spot in the rankings.

Solana-based NFTs are in second place with an all-time sales volume of $5.5 billion. Ethereum continues to lead the market with a colossal $43.8 billion in total sales. Nonetheless, the overall NFT market took a hit in May, with a reported 54% drop in sales volume compared to April, when sales soared to over $1 billion. In contrast, May's sales plummeted to just $624 million, illustrating the market's volatility.

Bitcoin-based NFTs were not immune to this decline, experiencing a 68% drop in sales during May. However, the Bitcoin network marked a significant milestone in sales and also set a new record for transaction value. On May 28, transactions on the Bitcoin network reached an estimated $25 billion, the highest value recorded over the past year. This peak in transaction value coincided with substantial activity on the blockchain, as approximately 367,000 BTC were transferred. With Bitcoin's price hovering around $69,000 at the time, these transactions were valued at approximately $25.5 billion, as recorded by Bitcoin explorer Blockchain.com.