- Sales of $3.97 billion in NFTs and $82 million in wash sales were included in the total.
- Monthly NFT sales volume as per CryptoSlam fell 54% from April to May.
Despite a 54% decline in sales for the entire non-fungible token (NFT) market in May, digital collectibles on Bitcoin hit a new milestone.
The overall sales volume of NFTs on the Bitcoin blockchain reached an all-time high of over $4 billion, according to NFT data tracker CryptoSlam, which was published on June 4th. Sales of $3.97 billion in NFTs and $82 million in wash sales were included in the total.
Among blockchain-based NFTs, Bitcoin-based NFTs had the highest 30-day sales volume at $171 million. Next on the list was Ethereum with $159 million, followed by Solana with $90 million in the last month.
Striving NFT Market
Despite taking the lead in 30-day volumes, Bitcoin-based NFTs only rank as the fourth-largest blockchain in terms of sales. It comes behind the Ronin blockchain, which has $4.2 billion in all-time sales and is currently in third place.
With a record-breaking $5.5 billion in sales, NFTs based in Solana are in second place. At the same time, with a staggering $43.8 billion in recorded sales, the Ethereum network is still leading the pack for NFT sales.
May sales volumes were lower across the board for NFTs. Monthly NFT sales volume as per CryptoSlam fell 54% from April to May. Sales of NFTs topped $1 billion in April and $624 million in May. Similarly, collectibles based on Bitcoin saw a drop in sales. May sales of NFTs based on Bitcoin fell 68%, according to the data.
Not only did Bitcoin NFTs set a new sales record, but the network also witnessed a record high in transaction value. The estimated value of Bitcoin transactions peaked on May 28 at almost $25 billion, marking the greatest level in the previous year.
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