Despite a 54% drop in overall NFT sales in May, Bitcoin NFTs surpassed $4 billion in total sales volume by June 4.
In May, sales of nonfungible tokens (NFTs) as a whole decreased by 54%, whereas digital collectibles on Bitcoin attained a new high.
NFT data tracker CryptoSlam disclosed on June 4 that the cumulative sales volume of NFTs on the Bitcoin blockchain surpassed $4 billion. The information was compiled from the laundry sales, amounting to $82 million, and the NFT sales, totaling $3.97 billion.
During the preceding thirty days, Bitcoin-based NFTs surpassed all other blockchains in terms of sales volume, amassing $171 million in sales. Subsequently, Solana amassed $90 million and Ethereum amassed $159 million, both of which were recorded in the previous month.
Despite Bitcoin-based non-fungible tokens (NFTs) currently holding the highest 30-day volumes, the network ranks only fourth among blockchains in terms of sales. It adheres to the Ronin blockchain, which currently ranks third in terms of sales history with $4.2 billion.
NFTs based in Solana are in second position with an all-time sales record of $5.5 billion. Conversely, the Ethereum network maintains its dominant position in terms of recorded NFT transactions, amounting to an impressive $43.8 billion.
In May, the broader NFT market also experienced decreased sales volumes. Compared to April, CryptoSlam reported a 54% decline in monthly NFT sales volume as of May 31. April witnessed sales exceeding $1 billion, whereas May witnessed a volume of $624 million.
Collectibles denominated in Bitcoin were also impacted by the decline in sales volume. According to the data, sales of NFTs based on Bitcoin fell by 68% in May.
In addition to Bitcoin NFTs reaching a new sales milestone, the network also witnessed an increase in transaction value. The estimated value of Bitcoin transactions surpassed $25 billion on May 28, the greatest level in the past year.
Blockchain.com, a Bitcoin explorer, revealed that on May 28, Bitcoin proprietors transferred approximately 367,000 BTC on the blockchain. With a price of approximately $69,000 at the time, the transactions were valued at $25.5 billion.