Nfts
Bitcoin NFTs Cross $4 Billion Milestone Amid NFT Market Decline
In May, the non-fungible token (NFT) market saw a significant decline, with overall sales dropping by 54%. Despite this slowdown, Bitcoin-based digital collectibles have reached an important milestone, as highlighted by recent data from CryptoSlam.
On June 4, CryptoSlam reported that NFTs on the Bitcoin blockchain surpassed a cumulative sales volume of $4 billion, combining $3.97 billion in NFT sales and $82 million in wash sales.
Bitcoin NFTs Lead in 30-Day Sales Volume
Over the past 30 days, Bitcoin-based NFTs achieved $171 million in sales volume, making Bitcoin the leading blockchain in terms of NFT sales volume for the period. Ethereum followed closely with $159 million in sales, and Solana came in third with $90 million.
However, despite the impressive 30-day sales volumes, Bitcoin remains the fourth largest blockchain in terms of NFT sales of all time. The Ronin blockchain is in third place with $4.2 billion in sales, while Solana is in second place with $5.5 billion. Ethereum continues to dominate the NFT market, with a record sales volume of $43.8 billion.
The broader NFT market, which had shown signs of recovery in April 2024, faced a slowdown in May. According to CryptoSlam, the global NFT sales volume for May was $624 million, a stark contrast to April’s figure, which exceeded $1 billion. This decline in sales was observed across major blockchains like Bitcoin, Ethereum, and Solana.
Bitcoin-based NFTs, despite leading the 30-day sales volume, saw one of the steepest declines. Data from CryptoSlam indicates that Bitcoin NFT sales volume fell 68% compared to April. This downward sales trend is not unique to Bitcoin, as other major blockchains have also seen declining volumes.
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Despite the overall decline, some NFT collections have managed to grow. The SocialFi Fantasy Top project, for example, has seen significant growth, contributing to Blast’s rise among the best blockchains for NFTs.
Additionally, Immutable-based blockchain game Guild of Guardians saw a 69% increase in sales volume, leading to 23% overall growth for Immutable. On Solana, DogeZuki Collection and Solana Monkey Business were notable gainers, with growth rates of 130% and 74%, respectively.
Top five blockchains by historical sales volume. Source: CryptoSlam
In addition to the sales volume crossed, Bitcoin also experienced a new record in transaction value. On May 28, Bitcoin transactions reached an estimated value of over $25 billion, the highest value in US dollar terms over the past year.
This on-chain transaction value, representing the estimated total value of transactions on the blockchain, provides insight into Bitcoin trends and helps traders make informed decisions. Blockchain.com reported that on May 28, approximately 367,000 BTC were moved on the blockchain, the largest volume of BTC moved since June 13, 2022, when over 519,000 BTC was transferred.
Milestones and optimism for Bitcoin
Amid these developments, trading analyst Peter Brandt predicted a significant increase in the price of Bitcoin. On June 2, Brandt suggested that Bitcoin could reach $130,000 by 2025. He noted that Bitcoin’s current uptrend exhibited similar patterns to previous halving cycles.
According to Brandt, if Bitcoin follows the trajectory of previous cycles, it could reach between $130,000 and $150,000 by August or September 2025. He pointed out that historically, Bitcoin halving dates often marked the midpoint between the start and peak of bull markets. The last bull market started 16 months before the 2020 halving and ended 18 months after.
While the NFT market as a whole saw a slowdown in May, Bitcoin-based NFTs achieved notable milestones, both in terms of sales volume and transaction value. Despite the decline of the broader market, some collections and projects have managed to grow, highlighting the dynamic and evolving nature of the NFT space.
Additionally, Bitcoin’s transaction value has reached an all-time high and analysts like Peter Brandt remain optimistic about the cryptocurrency’s future, predicting substantial price increases in the coming years.