Bitcoin NFTs have achieved a major milestone, surpassing $4 billion in all-time sales volume. On June 4, CryptoSlam reported that Bitcoin-based NFTs saw combined sales of $3.97 billion and $82 million in wash sales. This achievement marks a significant moment for Bitcoin in the NFT space, despite a broader market slump.
BTC NFTs Leading in Monthly Sales
In May, Bitcoin recorded $171 million in NFT sales, surpassing Ethereum’s $159 million and Solana’s $90 million. This impressive monthly performance highlights Bitcoin’s growing influence in the NFT market. However, BTC NFTs are still the fourth-largest in all-time sales, behind Ethereum, Solana, and Ronin.
Ethereum remains the leader with $43.8 billion in sales, followed by Solana’s $5.5 billion. Ronin holds the third spot with $4.2 billion. Bitcoin’s recent surge shows its potential but underscores the dominance of Ethereum in the NFT space.
Bitcoin (BTC) Transaction Value Hits Yearly High
The NFT market saw a significant decline in May, with overall sales dropping by 54% compared to April. BTC NFTs were not immune, experiencing a 68% decline in sales. Despite this, Bitcoin’s blockchain activity remains robust, with transaction values hitting new highs.
On May 28, Bitcoin transactions reached over $25 billion, the highest in the last year. Blockchain.com data showed 367,000 BTC were moved, highlighting Bitcoin’s continued relevance and activity in the crypto space. This spike in transaction value showcases Bitcoin’s resilience and the trust investors place in it. The substantial movement of Bitcoin indicates strong market confidence and ongoing interest in the cryptocurrency.
Bitcoin’s price as of June 5th, 2024, stands at $70,483.37, demonstrating resilience and a positive market sentiment despite the recent downturn in the broader NFT market. This price point marks a 1.86% increase within the last 24 hours, indicating a renewed bullish momentum.pen_spark
Bitcoin NFTs are proving their resilience and growing influence in the NFT space. Despite market downturns, they continue to attract significant investment and interest. Bitcoin NFT’s surpassing of the $4 billion milestone, and record transaction values, highlight Bitcoin’s potential to compete with leading blockchains. As the NFT market evolves, BTC’s role is likely to expand, cementing its position as a key player in digital collectibles.
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