Bitcoin NFTs Reach $4 Billion Milestone Despite Decline in NFT Market
In May, there was a significant drop in the nonfungible token (NFT) market, with overall sales declining by 54%. However, there was a notable achievement for Bitcoin-based digital collectibles, as recent data from CryptoSlam revealed that NFTs on the Bitcoin blockchain surpassed $4 billion in cumulative sales volume. This includes $3.97 billion in NFT sales and $82 million in wash sales.
Over the past 30 days, Bitcoin-based NFTs recorded a sales volume of $171 million, making Bitcoin the leading blockchain in terms of NFT sales volume during this period. Ethereum came in second with $159 million in sales, followed closely by Solana with $90 million.
Despite the impressive sales volume in the last 30 days, Bitcoin remains the fourth-largest blockchain in terms of all-time NFT sales. The Ronin blockchain holds the third position with $4.2 billion in sales, while Solana is in second place with $5.5 billion. Ethereum continues to dominate the NFT market, boasting an all-time sales volume of $43.8 billion.
After showing signs of recovery in April, the broader NFT market experienced a slowdown in May. According to CryptoSlam, the global NFT sales volume for May was $624 million, a significant decrease compared 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 in the 30-day sales volume, also experienced a steep decline. CryptoSlam’s data showed that Bitcoin NFT sales volume dropped by 68% compared to April. This trend of declining sales was not unique to Bitcoin, as other top blockchains also saw reduced volumes.
However, amidst the overall downturn, some NFT collections managed to grow. The SocialFi project Fantasy Top, for example, experienced significant growth, contributing to the rise of Blast among the top blockchains for NFTs. Additionally, the blockchain game Guild of Guardians, based on Immutable, saw a 69% increase in sales volume, driving a 23% growth for Immutable overall. On Solana, the DogeZuki Collection and Solana Monkey Business were notable gainers, with growth rates of 130% and 74%, respectively.
In addition to the milestone in sales volume, Bitcoin also reached a new record in transaction value. On May 28, Bitcoin transactions reached an estimated value of over $25 billion, the highest in USD terms in the past year. This transaction value provides insight into Bitcoin trends and helps traders make informed decisions. Blockchain.com reported that approximately 367,000 BTC were moved on the blockchain on May 28, the largest volume since June 13, 2022, when over 519,000 BTC were transferred.
Amid these developments, trading analyst Peter Brandt predicted a significant price increase for Bitcoin. Brandt suggested that Bitcoin could reach $130,000 by 2025, noting that the current bull run exhibited patterns similar to previous post-halving cycles. If Bitcoin follows the trajectory of previous cycles, it could reach between $130,000 and $150,000 by August or September 2025. Brandt highlighted that historically, Bitcoin’s halving dates often marked the midpoint between the beginning and peak of bull markets.
While the NFT market as a whole experienced a downturn in May, Bitcoin-based NFTs achieved notable milestones in terms of sales volume and transaction value. Despite the broader market decline, certain collections and projects managed to grow, showcasing the dynamic and evolving nature of the NFT space. Additionally, Bitcoin’s transaction value reached a record high, and analysts like Peter Brandt remain optimistic about the cryptocurrency’s future, projecting substantial price increases in the coming years.
