In a surprising turn of events, digital collectibles on the Bitcoin blockchain have achieved a significant milestone while the overall nonfungible token (NFT) space experienced a 54% decline in sales in May.
According to NFT data tracker CryptoSlam, NFTs on the Bitcoin blockchain have reached a total all-time sales volume of over $4 billion as of June 4. This figure includes NFT sales amounting to $3.97 billion and wash sales totaling $82 million.
Over the past 30 days, Bitcoin-based NFTs have recorded a sales volume of $171 million, surpassing other blockchains in terms of sales volume. Ethereum comes in second with $159 million, followed by Solana with $90 million.
Despite leading in 30-day volumes, Bitcoin-based NFTs rank fourth in overall sales volume among blockchains. The Ronin blockchain takes the top three spots with $4.2 billion in all-time sales.
Solana-based NFTs occupy the second position with a record-breaking all-time sales volume of $5.5 billion. Meanwhile, Ethereum continues to dominate the NFT market with an astonishing $43.8 billion in recorded sales.
The slump in the broader NFT market also impacted Bitcoin-based collectibles. In May, NFTs based on Bitcoin experienced a 68% decline in sales.
In addition to achieving a new all-time milestone for sales, the Bitcoin network also set a new record in transaction value. On May 28, Bitcoin transactions reached an estimated value of over $25 billion, marking the highest transaction value in the past year.
Blockchain.com data revealed that on May 28, Bitcoin holders moved approximately 367,000 BTC on the blockchain. At that time, Bitcoin’s price was around $69,000, making the transactions worth $25.5 billion.
In other news, the integration of crypto into Torque Drift 2 led to developers quitting, causing a significant problem for MetaFighter, according to Web3 Gamer magazine.