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Sujit Kumar
Jun 4, 2024
by Sujit Kumar

Bitcoin NFTs Reach $4 Billion Milestone Amid Market Decline

Bitcoin NFTs Reach $4 Billion

Table of contents

  1. Comparison with Other Blockchains
  2. Market Slump Impacts Bitcoin NFTs
  3. Bitcoin Transaction Value Hits New High
  4. Conclusion
Despite a significant drop in overall NFT sales, digital collectibles on the Bitcoin blockchain have achieved a significant milestone. According to NFT data tracker CryptoSlam, as of June 4, Bitcoin-based NFTs have reached a total all-time sales volume of over $4 billion. This figure includes $3.97 billion from regular NFT sales and $82 million from wash sales.

In the past 30 days, Bitcoin NFTs recorded a sales volume of $171 million, outperforming other blockchains. Ethereum followed with $159 million, while Solana recorded $90 million in sales for the same period.

Comparison with Other Blockchains

Although Bitcoin NFTs have recently dominated monthly sales volumes, the Bitcoin blockchain is still the fourth-largest in terms of all-time sales. It trails behind the Ronin blockchain, which holds the third spot with $4.2 billion in total sales. Solana-based NFTs rank second with $5.5 billion, while Ethereum remains the leader with a staggering $43.8 billion in all-time sales.

Market Slump Impacts Bitcoin NFTs

The overall NFT market experienced a notable decline in May, with CryptoSlam reporting a 54% decrease in monthly sales volume compared to April. While April saw over $1 billion in NFT sales, May's volume dropped to $624 million. This market slump also affected Bitcoin-based NFTs, which saw a 68% decline in sales during May.

Bitcoin Transaction Value Hits New High

In addition to the milestone in NFT sales, Bitcoin transactions reached a new yearly high. On May 28, Bitcoin transactions were valued at over $25 billion, the highest in the past year. Data from Blockchain.com showed that around 367,000 BTC were moved on the blockchain, with Bitcoin's price at the time around $69,000, making these transactions worth approximately $25.5 billion.

Conclusion

Despite facing a broader market decline, Bitcoin NFTs have achieved significant milestones, highlighting their growing prominence in the digital collectibles space. As the market continues to evolve, it will be interesting to see how Bitcoin-based NFTs perform relative to other blockchains.

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Bitcoin NFTs Reach $4 Billion amid market Bitcoin NFTs
Bitcoin NFTs Reach $4 Billion Milestone Amid Market Decline
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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