The post Bitcoin NFTs Defy Market Downturn to Surpass $4 Billion in Sales Volume appeared on BitcoinEthereumNews.com.

The NFT market witnessed a substantial decline in May, with overall sales plummeting by 54%, yet NFTs built on the Bitcoin blockchain bucked the trend, achieving new heights in total sales volume. Data from NFT tracker CryptoSlam, as highlighted by Cointelegraph, revealed that Bitcoin-based NFTs surpassed $4 billion in all-time sales volume by June 4, combining both legitimate sales ($3.97 billion) and wash trades ($82 million). Bitcoin NFTs led May’s sales volume leaderboard, recording $171 million and outpacing Ethereum ($159 million) and Solana ($90 million). Bitcoin-based NFTs surpass $4 billion in sales as market faces broader slumps; insights and implications explored. Bitcoin NFTs Defy Market Trends with Record Sales Despite the general downturn in the NFT market, Bitcoin NFTs achieved a milestone, surpassing $4 billion in cumulative sales. This remarkable achievement includes both legitimate sales, amounting to $3.97 billion, and approximately $82 million attributed to wash trades. This new milestone highlights the unique resilience and growing prominence of Bitcoin NFTs in an otherwise declining market. Comparative Market Analysis: Bitcoin, Ethereum, and Solana Data indicates that Bitcoin NFTs have taken the lead in sales volume over the past month with $171 million, edging out Ethereum which recorded $159 million and Solana at $90 million. However, despite this recent uptick, Bitcoin NFTs remain significantly behind Ethereum in overall sales, with Ethereum holding an impressive $43.8 billion in all-time NFT sales. This positions Ethereum firmly at the top, with Bitcoin in the fourth position, trailing behind the Ronin blockchain ($4.2 billion) and Solana ($5.5 billion). Impact of May’s NFT Market Downturn The broader NFT market experienced a pronounced slump in May, with CryptoSlam data showcasing a 54% decline in monthly sales volume, dropping to $624 million from April’s $1 billion. This downturn didn’t spare Bitcoin NFTs either, which faced a steep 68% decline…

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Filed under: News - @ June 5, 2024 7:16 am