In May, while the overall nonfungible token (NFT) market experienced a 54% decrease in sales, digital collectibles on the Bitcoin blockchain achieved a significant milestone. According to NFT data tracker CryptoSlam, on June 4, Bitcoin-based NFTs reached a total all-time sales volume exceeding $4 billion. This figure includes NFT sales totaling $3.97 billion and wash sales amounting to $82 million.
In the past 30 days, Bitcoin-based NFTs generated a sales volume of $171 million, surpassing other blockchains in terms of sales volume. Ethereum came in second with $159 million, followed by Solana with $90 million.
However, despite leading the charts in terms of 30-day volumes, Bitcoin-based NFTs only rank fourth in overall sales among blockchains. The Ronin blockchain currently holds the top three spots with a total all-time sales volume of $4.2 billion.
Solana-based NFTs hold the second position with a record of $5.5 billion in all-time sales, while Ethereum remains at the forefront of NFT sales with an astounding $43.8 billion.
Bitcoin-based NFTs were also impacted by the decline in the broader NFT market’s sales volumes in May. CryptoSlam reported a 54% decrease in monthly NFT sales volume compared to April. While NFTs achieved over $1 billion in sales in April, May recorded a volume of $624 million. Bitcoin-based collectibles experienced a significant 68% decline in sales during May.
In addition to reaching a new milestone in sales, the Bitcoin network also set a record in transaction value. On May 28, Bitcoin transactions reached an estimated value of over $25 billion, marking the highest value in the past year. Blockchain.com revealed that Bitcoin holders moved approximately 367,000 BTC on the blockchain on that day. With Bitcoin’s price hovering around $69,000 at the time, these transactions amounted to $25.5 billion.
In other news, the inclusion of crypto in Torque Drift 2 led to developers quitting, creating a major issue with MetaFighter, according to Web3 Gamer magazine.