June 5, 2024
Bitcoin 4th in All-Time NFT Sales After Ethereum, Solana

Bitcoin 4th in All-Time NFT Sales After Ethereum, Solana

Despite a significant 54% drop in the overall nonfungible token (NFT) market sales in May, digital collectibles on the Bitcoin blockchain have achieved a new milestone. According to CryptoSlam, an NFT data tracker, as of June 4, NFTs on the Bitcoin blockchain have surpassed a total all-time sales volume of over $4 billion. This figure includes $3.97 billion in NFT sales and $82 million in wash sales.

Top five blockchains by all-time sales volume. Source: CryptoSlam

Dominance in Monthly Sales Volume

In the last 30 days, Bitcoin-based NFTs have led the market in terms of sales volume, recording $171 million. This places Bitcoin at the top of the sales volume leaderboard by blockchain, outpacing Ethereum, which recorded $159 million, and Solana, which saw $90 million in sales during the same period. Despite this recent dominance, Bitcoin is currently the fourth-largest blockchain in terms of all-time sales volume. The Ronin blockchain holds the third spot with $4.2 billion in sales. Solana-based NFTs rank second with $5.5 billion in all-time sales, while Ethereum maintains its lead with an impressive $43.8 billion in recorded sales.

Impact of Market Downturn and Transaction Value Surge

The broader NFT market experienced a substantial downturn in May. On May 31, CryptoSlam reported a 54% decrease in monthly NFT sales volume compared to April. In April, the NFT market saw over $1 billion in sales, while May’s sales volume dropped to $624 million. This decline in sales volume also impacted Bitcoin-based NFTs, which experienced a 68% reduction in sales during May.

Despite the overall decline, Bitcoin NFTs achieved a significant milestone in transaction value. On May 28, Bitcoin transactions reached an estimated value of over $25 billion, marking the highest transaction value in the past year. Data from Bitcoin explorer Blockchain.com revealed that Bitcoin holders moved approximately 367,000 BTC on the blockchain on May 28. At that time, Bitcoin’s price was around $69,000, making these transactions worth $25.5 billion.

Image by Pete Linforth from Pixabay

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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