Bitcoin holds the top four spots in terms of NFT sales volume. The star of cryptocurrencies is ahead of Ethereum, Solana, and Ronin in this field.
The context of non-fungible tokens, or NFTs, hasn’t been simple lately. Indeed, these have experienced a 54% drop in May of this year. However, this did not prevent digital collectibles relying on Bitcoin from reaching another significant milestone.
NFTs on the Bitcoin blockchain have shown excellent performance. The sales volume achieved earlier in June reached a historic total of more than 4 billion dollars. This figure includes NFT sales, which amount to nearly 4 billion dollars, and Wash sales, which amount to 82 million dollars.
Over the past thirty days, Bitcoin-based NFTs have recorded a sales volume of more than 170 million dollars. The famous cryptocurrency thus takes the first place in terms of sales volume on the Blockchain.
Bitcoin NFTs are not yet at the level of Ethereum
The network is closely followed by Ethereum during this period. The latter recorded a sales volume of nearly 160 million dollars. Solana, on the other hand, recorded 90 million dollars in sales volume last month.
Even though Bitcoin-based NFTs are at the top of the 30-day volumes, the network is only the fourth blockchain in terms of total sales. It is preceded by the Ronin blockchain, which takes the third place with more than 4 billion dollars in historic sales.
Solana-based NFTs occupy the second place, with a record of 5.5 billion dollars in historic sales.
The Ethereum network retains the uncontested first place for NFT sales. Its turnover exceeds 43 billion dollars. This is a record in the field.
The larger NFT market also experienced a decline in sales volumes in May. This notably saw a 54% drop in the monthly sales volume of NFTs by the end of May compared to the previous month.
In April, NFT sales had indeed exceeded a billion dollars. The month of May had only recorded a volume of 624 million dollars.
Bitcoin transaction levels reach their highest level
The decline in sales volume also affected Bitcoin-based collectibles. Data shows that BTC-based NFTs experienced a sales drop of 68% in May.
However, the news is still generally very good for BTC. Besides the fact that Bitcoin NFTs reached a new sales record, the network also recorded a new record in terms of transaction value.
Indeed, on May 28th, the total Bitcoin volume reached an estimated volume of more than 25 billion dollars.
Moreover, Bitcoin holders moved approximately 367,000 BTC on the blockchain at the end of May this year.
At the time, Bitcoin’s price fluctuated around $69,000. The total transaction value then amounted to more than 25 billion dollars.
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