Despite a 54% drop in overall NFT sales in May, a surprising milestone was achieved in the digital collectibles market. On June 4, data tracker CryptoSlam revealed that NFTs built on the Bitcoin blockchain have reached a total all-time sales volume of over $4 billion.
In the past 30 days, Bitcoin-based NFTs recorded a remarkable sales volume of $171 million, surpassing other blockchain networks.b came in second with $159 million, followed by Solana with $90 million.
While Bitcoin’s NFT sales are impressive, it’s still far from Ethereum‘s dominance in the market. The Ethereum network holds the top spot for NFT sales, with a staggering $43.8 billion in recorded sales. Solana-based NFTs come in second, with $5.5 billion in all-time sales.
Market Slump Hits NFTs
The broader NFT market also saw a significant decline in sales volumes in May. Compared to April, monthly NFT sales dropped by 54%. In April, NFTs saw over $1 billion in sales, while May recorded a volume of $624 million.
The decline in sales also affected Bitcoin-based collectibles. Data showed that NFTs based on Bitcoin experienced a 68% decline in sales in May.
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Summary Review: Bitcoin’s NFTs have achieved a remarkable milestone, reaching a total all-time sales volume of over $4 billion. Despite a decline in the overall NFT market in May, b-based NFTs have shown remarkable resilience. While they still trail behind Ethereum and other blockchain networks, they have proven their potential as a major player in the digital collectibles market. The decline in NFT sales in May is a reminder that the market is still subject to fluctuations. However, the success of Bitcoin-based NFTs suggests that there is still significant demand for digital collectibles on the platform. As the NFT market continues to evolve, it will be interesting to see how Bitcoin-based NFTs fare in the future. Will they continue to grow and become a major force in the market, or will they remain a niche player? Only time will tell.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
