TLDR
- Bitcoin NFTs surpassed $4 billion in all-time sales volume, reaching the fourth spot among major blockchains.
- In May 2024, Bitcoin NFTs led in monthly sales volume, outperforming Ethereum and Solana.
- Despite the overall NFT market slump in May, with a 54% decline in sales, Bitcoin NFTs achieved this milestone.
- Bitcoin also saw a record high in transaction value, with over $25 billion worth of transactions on May 28, 2024.
- Analysts like Peter Brandt remain optimistic about Bitcoin’s future, predicting a potential price surge to $130,000-$150,000 by August or September 2025.
The world of non-fungible tokens (NFTs) has witnessed a significant milestone, as Bitcoin-based digital collectibles have surpassed $4 billion in all-time sales volume.
This achievement cements Bitcoin’s position as a major player in the NFT market, claiming the fourth spot among leading blockchains.
According to data from CryptoSlam, a renowned NFT data tracker, Bitcoin NFTs recorded $3.97 billion in sales and $82 million in wash sales, bringing the total to over $4 billion.
This remarkable feat comes amidst a broader market slump, where the overall NFT space experienced a 54% drop in sales in May 2024 compared to the previous month.
Despite the market downturn, Bitcoin NFTs demonstrated their resilience and growing influence.
In May 2024, Bitcoin emerged as the leader in monthly sales volume, outperforming established players like Ethereum and Solana.
Bitcoin NFTs recorded $171 million in sales, followed by Ethereum at $159 million and Solana at $90 million.
While Bitcoin NFTs lead in monthly sales, the broader picture shows Ethereum’s continued dominance in the NFT market. Ethereum remains the undisputed leader with a staggering $43.8 billion in all-time NFT sales.
Solana takes the second spot with $5.5 billion, followed by the Ronin blockchain in third place with $4.2 billion.
Bitcoin’s recent surge places it in the fourth position, highlighting its potential to compete with the top blockchains in the digital collectibles space.
The decline in overall NFT sales was not unique to Bitcoin. Major blockchains like Ethereum and Solana also experienced reduced sales volumes in May. However, some NFT collections managed to defy the trend and grow during this period.
The SocialFi project Fantasy Top saw significant growth, contributing to the rise of the Blast blockchain among the top blockchains for NFTs.
The Immutable-based blockchain game Guild of Guardians experienced a 69% increase in sales volume, driving a 23% growth for Immutable overall.
Alongside the impressive NFT sales milestone, Bitcoin also reached a new record in transaction value. On May 28, 2024, Bitcoin transactions reached an estimated value of over $25 billion, the highest in the last year.
Blockchain.com data revealed that approximately 367,000 BTC were moved on the blockchain that day, marking the largest volume of BTC transferred since June 13, 2022.
Despite the market fluctuations, analysts remain optimistic about Bitcoin’s future prospects. Renowned trading analyst Peter Brandt predicted a significant price increase for Bitcoin, suggesting that it could reach between $130,000 and $150,000 by August or September 2025.
Brandt based his analysis on patterns observed in previous post-halving cycles, noting that historically, Bitcoin’s halving dates often marked the mid-point between the beginning and peak of bull markets.
