The nonfungible token (NFT) market continues to evolve, with Bitcoin-based NFTs reaching a significant milestone despite a broader market downturn. As of June 4, NFTs on the Bitcoin blockchain have amassed an all-time sales volume exceeding $4 billion, according to data from CryptoSlam. This figure includes $3.97 billion in NFT sales and $82 million in wash sales.
Bitcoin NFTs Lead in Recent Sales Volumes
Over the past 30 days, Bitcoin NFTs have recorded $171 million in sales, outpacing other major blockchains. Ethereum followed with $159 million, and Solana posted $90 million in sales. This surge places Bitcoin NFTs at the forefront of the market, at least in recent activity.
Bitcoin NFTs Still Trail Behind Ethereum in All-Time Sales
Despite their recent performance, Bitcoin NFTs rank fourth in all-time sales volumes, behind Ethereum, Solana, and Ronin. Ethereum remains the dominant blockchain with a staggering $43.8 billion in all-time NFT sales. Solana and Ronin have recorded $5.5 billion and $4.2 billion, respectively, highlighting the significant gap Bitcoin needs to close.
NFT Market Faces a Downturn
The broader NFT market experienced a notable slump in May, with sales volumes dropping by 54% compared to April. Monthly sales plummeted from over $1 billion in April to $624 million in May. Bitcoin-based NFTs were not immune to this trend, suffering a 68% decline in sales during the same period.
Bitcoin Transaction Value Hits Yearly High
In a related development, Bitcoin transaction values soared to a yearly high on May 28. On this date, Bitcoin transactions reached an estimated $25 billion, with around 367,000 BTC moved on the blockchain. This surge in transaction value underscores the increasing activity and interest in Bitcoin despite the broader market challenges.