Bitcoin NFTs set a new benchmark in May, surpassing $4 billion in total sales volume despite a 54% decline in the overall NFT market.
Digital collectibles on Bitcoin set a new benchmark, despite a 54% drop in sales for the entire nonfungible token (NFT) ecosystem in May. On June 4, the non-fungible token (NFT) statistics tracker CryptoSlam revealed that the overall sales volume of NFTs on the Bitcoin blockchain had achieved an all-time high of more than $4 billion.
We obtained the data by combining the sales of the NFT, which totaled $3.97 billion, and the wash, which totaled $82 million. In the past thirty days, Bitcoin NFTs have recorded a sales volume of $171 million, making them the most successful blockchain-based NFTs in terms of sales volume.
The next most valuable cryptocurrency on the network was Ethereum, which had a total of $159 million, and Solana, which had a total of $90 million in the previous month. Despite the fact that Bitcoin NFTs are currently at the top of the rankings in terms of 30-day volumes, the network is only the fourth-largest blockchain in terms of sales.
It comes after the Ronin blockchain, which occupies the top three slots with sales totaling $4.2 billion over the course of its whole existence. Second place goes to the non-fungible tokens (NFTs) headquartered in Solana, which set a record for all-time sales of $5.5 billion. In the meantime, the Ethereum network continues to achieve the highest number of non-fungible token (NFT) sales, with a staggering $43.8 billion in sales reported.
May was also a month in which the overall NFT market experienced reduced sales volumes. CryptoSlam reported a monthly NFT sales volume in May that was 54% lower than the number recorded in April. In May, CryptoSlam recorded a volume of $624 million for NFTs, while April saw sales exceeding one billion dollars. Additionally, the overall decrease in sales volume had an impact on Bitcoin NFTs collectibles.
In May, the sales of non-fungible tokens (NFTs) that were based on Bitcoin fell by 68%. In addition to Bitcoin NFTs reaching a new all-time milestone for sales, the network also witnessed a new record in terms of the value of transactions. By May 28th, the value of Bitcoin transactions had reportedly reached over $25 billion, which was the highest it had been in the previous year.
Bitcoin holders moved around 367,000 BTC on the blockchain on May 28, according to Bitcoin Explorer Blockchain.com. During that time period, the price of Bitcoin was approximately $69,000, which gave the transactions a total value of $25.5 billion.