Bitcoin NFTs All-Time Sales Volume Reaches $4 Billion

Bitcoin non-fungible tokens (NFTs) have achieved a significant milestone. According to CryptoSlam, a leading NFT data tracking platform, it now rank among the top four in all-time NFT sales volume, trailing only Ethereum, Solana, and Ronin.

Bitcoin NFTs Reign Supreme in May

In total, Bitcoin NFTs smashed a record milestone of over $4 billion. This volume combines both wash sales and actual NFT sales volume.

According to CryptoSlam, in the last 30 days, NFTs built on the Bitcoin blockchain recorded a transaction volume of $171 million, followed by Ethereum’s 159 million sales volume.

Solana came in third place, with $90 million in transactions over the past month. According to DappRadar data, the most popular NFTs over the last 30 days were NodeMonkes and Bitcoin Puppets.

This comes as the broader NFT market witnessed a slump in sales in May. Monthly NFT transaction volumes in the last 30 days declined 54% compared to April. This decline affected it, leading to a decline of 68% in sales in May.

Despite this broader decrease in sales volume, some NFTs bucked the trend. These outliers include the social finance (SocialFi) project Fantasy Top.

Immutable-based blockchain game Guild of Guardians saw a big increase in activity, with a 69% jump in volume. Other games that witnessed growth were DogeZuki Collection (up 130%) and Solana Monkey Business (up 74%).

While Bitcoin’s all-time sales milestone is a first for the network, Bitcoin-based NFTs are still a far cry away from Ethereum’s all-time sales. Ethereum leads the charts with $43.8 billion in all-time sales, followed by Solana’s $5.5 billion all-time sales volume.

Binance Withdraws Support for Bitcoin NFTs

Earlier this year, major cryptocurrency exchange Binance suspended support for Bitcoin-based NFTs. In addition, the exchange will not support any future airdrops of it. Binance didn’t give any specific issue with the NFTs beyond stating that it needs to “streamline” its product offerings to users.

They are digital collectibles generated through a process called inscription. This takes the shape of inscribing references of digital art into small Bitcoin-based transactions.

Some market participants view their inclusion as a positive development for the NFT market, experiencing multi-year lows. Others see their existence as a problem for the blockchain due to a significant increase in network activity.

Last year, Bitcoin NFTs led to network congestion, which led Bitcoin Core developer Luke Dashjr to give a stern warning to the community that these collectibles “exposed a vulnerability” in the network.

However, they are not alone in recording a milestone in value. Recall that the Bitcoin network hit 1 billion transactions in early May 2024 and reached over $25 billion worth of transactions on May 28.