TL;DR
- Despite a 54% drop in the overall NFT market in May, Bitcoin NFTs hit a record $4 billion in sales. They dominated the 30-day sales volume with $171 million, surpassing Ethereum’s $159 million and Solana’s $90 million.
- Merlin Chain has established a comprehensive ecosystem for Bitcoin-native assets, offering an optimized platform for trading and registering Ordinals.
- Despite the impressive 30-day volume, Bitcoin falls behind in overall blockchain sales. Ethereum holds the top spot with $43.8 billion in recorded NFT sales.
Despite a 54% drop in the overall nonfungible token (NFT) market in May, Bitcoin NFTs (digital collectibles) have reached a new milestone. On June 4, NFT data tracker CryptoSlam revealed that NFTs on the Bitcoin blockchain achieved an all-time sales volume of over $4 billion.
Bitcoin Leads in 30-Day Sales Volume
Over the last month, Bitcoin-based NFTs have dominated the blockchain market with an impressive sales volume of $171 million. This places them firmly at the top, surpassing Ethereum’s $159 million and Solana’s $90 million in sales during the same period.
One of the factors behind this is Merlin Chain, which has established a comprehensive ecosystem centered on Bitcoin-native assets. This ecosystem offers an optimized platform for trading and registering Ordinals, complemented by a bustling marketplace and a springboard for projects based on Ordinals.
What sets Layer 2 solutions like Merlin Chain apart is their ability to handle numerous transactions concurrently, such as the purchase and sale of thousands of inscriptions in one transaction.
Bitcoin may be leading in 30-day volumes, but it falls behind when it comes to overall blockchain sales. Surprisingly, the Ronin blockchain takes the third spot with a total of $4.2 billion in sales.
Solana-based NFTs secure the second place, boasting an impressive $5.5 billion in all-time sales. However, it is the Ethereum network that reigns supreme, holding the top spot with an astonishing $43.8 billion in recorded NFT sales.
Market Slump Impacts Bitcoin NFTs
May witnessed a dip in sales volumes across the wider NFT market. According to CryptoSlam, there was a significant 54% decrease in monthly NFT sales volume compared to April. This downward trend also impacted Bitcoin-based collectibles, with a staggering 68% decline in sales during May.
Furthermore, apart from achieving a remarkable sales milestone for Bitcoin NFTs, the network has also established a groundbreaking record in transaction value. On the 28th of May, Bitcoin transactions soared to an estimated value surpassing $25 billion, marking the highest figure witnessed in the past year.
Blockchain.com revealed that Bitcoin users transferred approximately 367,000 BTC across the blockchain that day. With Bitcoin trading at around $69,000, these transactions amounted to a staggering $25.5 billion in total value.
