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While the overall nonfungible token (NFT) space saw a 54% drop in sales in May, digital collectibles on Bitcoin reached a new milestone.&nbsp;
On June 4, NFT data tracker CryptoSlam <a href="https://www.cryptoslam.io/blockchains/bitcoin?headerPeriod=all&amp;tab=Sales+Volume" target="_blank" rel="noopener nofollow">showed</a> that NFTs on the Bitcoin blockchain reached a total all-time sales volume of over $4 billion. The data combined the NFT sales, which were $3.97 billion, and the <a href="https://cointelegraph.com/news/crypto-losses-on-tax-returns-in-the-us-uk-canada">wash sales</a>, which were $82 million. 
In the last 30 days, Bitcoin-based NFTs recorded a sales volume of $171 million, taking the top spot in terms of sales volume by blockchain. The network was followed by Ethereum, which had $159 million and Solana, which recorded $90 million in the past month. 
<h2 data-ct-non-breakable="true" id="bitcoin-nfts-are-still-far-from-ethereum">Bitcoin NFTs are still far from Ethereum</h2>
Even though Bitcoin-based NFTs are leading the charts in 30-day volumes, the network is only the fourth-largest blockchain in sales. It follows the Ronin blockchain, which holds the top three spot with $4.2 billion in all-time sales. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/7ccec3ff-dd95-4edf-b556-1d3bce0526eb.jpg" alt="" title="">
 <figcaption style="text-align: center;">
 Top five blockchains by all-time sales volume. Source: CryptoSlam
 </figcaption>
</figure>
Solana-based NFTs hold the second place, with a $5.5 billion record for all-time sales. Meanwhile, the Ethereum network retains the top spot for NFT sales, with a whopping $43.8 billion in recorded sales. 
<h2 data-ct-non-breakable="true" id="bitcoin-nfts-also-hit-by-market-slump">Bitcoin NFTs also hit by market slump </h2>
The broader NFT market also saw lower sales volumes in May. On May 31, CryptoSlam <a href="https://cointelegraph.com/news/nft-sales-drop-may-2024-bitcoin-ethereum-solana">showed a 54% decline</a> in monthly NFT sales volume compared to April. In April, NFTs saw over $1 billion in sales, while May recorded a volume of $624 million. 
The decline in sales volume also affected Bitcoin-based collectibles. The data showed that NFTs based on Bitcoin experienced a 68% decline in sales in May. 
Related: <a href="https://cointelegraph.com/news/galaxy-digital-stradivarius-violin-nft-loan">Galaxy Digital uses historic violin NFT to secure loan</a>
<h2 data-ct-non-breakable="true" id="bitcoin-transaction-value-hits-yearly-high">Bitcoin transaction value hits yearly high</h2>
Apart from Bitcoin NFTs recording a new all-time milestone for sales, the network also saw a new record in transaction value. On May 28, Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) transactions <a href="https://cointelegraph.com/news/bitcoin-transaction-value-25-b-yearly-high">reached an estimated value of over $25 billion</a>, its highest in the last year. 
Bitcoin explorer Blockchain.com showed that Bitcoin holders moved about 367,000 BTC on the blockchain on May 28. At the time, Bitcoin’s price hovered around $69,000, making the transactions worth $25.5 billion. 
Magazine: <a href="https://cointelegraph.com/magazine/torque-drift-2-devs-quit-sec-game-nfts-securities-metafighter-web3-gamer/">Web3 Gamer: Devs quit after Torque Drift 2 added crypto, big problem with MetaFighter</a>

Bitcoin NFTs hit $4B in all-time sales volume

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Cointelegraph

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