NFTs
Bitcoin NFTs Hit $4 Billion Milestone Amid NFT Market Decline
In May, the non-fungible token (NFT) market suffered a significant decline, with total sales falling by 54%. Despite this recession, Bitcoin-based digital collectibles have reached a significant 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 sales volume in 30 days
Over the past 30 days, Bitcoin-based NFTs have achieved a sales volume of $171 million, making Bitcoin the leading blockchain in terms of NFT sales volume over the period. Ethereum followed closely with $159 million in sales, and Solana came in third with $90 million.
However, despite impressive 30-day sales volumes, Bitcoin remains the fourth largest blockchain in terms of NFT sales of all time. The Ronin blockchain ranks third with $4.2 billion in sales, while Solana ranks second with $5.5 billion. Ethereum continues to dominate the NFT market, boasting a historic 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, global NFT sales volume in May was $624 million, a stark contrast to April’s figure, which surpassed $1 billion. This decrease in sales was observed on major blockchains such as Bitcoin, Ethereum and Solana.
Bitcoin-based NFTs, despite leading 30-day sales volume, experienced one of the steepest declines. Data from CryptoSlam indicated that Bitcoin NFT sales volume fell 68% compared to April. This downward trend in sales was not exclusive to Bitcoin, as other major blockchains also saw reduced 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 top blockchains for NFTs.
Additionally, Immutable-based blockchain game Guild of Guardians saw a 69% increase in sales volume, driving 23% overall growth for Immutable. On Solana, DogeZuki Collection and Solana Monkey Business saw notable gains, with growth rates of 130% and 74%, respectively.
Top five blockchains by historical sales volume. Source: CryptoSlam
In addition to the milestone in sales volume, Bitcoin also had a new record in transaction value. On May 28, Bitcoin transactions reached an estimated value of over $25 billion, the highest in US dollar terms last year.
This on-chain transaction value, which represents the estimated total value of transactions on the blockchain, provides information about 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 highest volume of BTC moved since June 13, 2021, when more than 519,000 BTC were transferred.
Milestones and optimism for Bitcoin
Amid these developments, business 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 bull run exhibited similar patterns to previous post-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 highlighted that, historically, Bitcoin halving dates have often marked the midpoint between the start and peak of bull markets. The last bull market began 16 months before the 2020 halving and ended 18 months later.
Although the NFT market as a whole experienced a slowdown in May, Bitcoin-based NFTs reached notable milestones in both sales volume and transaction value. Despite the decline of the broader market, certain collections and projects have managed to grow, highlighting the dynamic and evolving nature of the NFT space.
Additionally, Bitcoin’s transaction value has reached a record high, and analysts like Peter Brandt remain optimistic about the cryptocurrency’s future, projecting substantial price increases in the coming years.