In a month where the overall nonfungible token (NFT) market experienced a significant decline in sales, digital collectibles on the Bitcoin blockchain achieved a remarkable milestone. According to NFT data tracker CryptoSlam, on June 4, the total all-time sales volume of NFTs on the Bitcoin blockchain surpassed $4 billion. This figure includes NFT sales of $3.97 billion and wash sales of $82 million.
Over the last 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 in sales.
However, despite Bitcoin-based NFTs leading the charts in terms of 30-day volumes, the network only ranks fourth in terms of all-time sales. The Ronin blockchain holds the top three spots with a total of $4.2 billion in sales. Solana-based NFTs take second place with a record of $5.5 billion in all-time sales. Meanwhile, Ethereum remains the top blockchain for NFT sales, boasting an impressive $43.8 billion in recorded sales.
The broader NFT market experienced a decline in sales volumes in May. According to CryptoSlam, monthly NFT sales volume in May decreased by 54% compared to April. While April witnessed over $1 billion in NFT sales, May recorded a volume of $624 million. This decline in sales volume also affected Bitcoin-based collectibles, which experienced a 68% drop in sales during May.
In addition to reaching a new all-time milestone for sales, the Bitcoin network also achieved a record in transaction value. On May 28, Bitcoin transactions reached an estimated value of over $25 billion, the highest in the past year. According to Bitcoin explorer Blockchain.com, about 367,000 BTC were moved on the blockchain on that day, with Bitcoin’s price hovering around $69,000, resulting in transactions worth $25.5 billion.
Meanwhile, in the world of gaming, the addition of crypto to Torque Drift 2 led to several developers quitting, highlighting a significant issue with MetaFighter.
It is clear that despite the market slump and declines in sales, Bitcoin-based NFTs continue to make waves in the digital collectibles space.