Breaking Crypto News – The Rise of Bitcoin NFT Sales Volume: A Game-Changer in the Crypto Market
Breaking Crypto News – May saw a 54% decline in sales across the board for NFTs, but digital collectibles on Bitcoin hit a new high. On June 4, NFTs on the Bitcoin blockchain achieved an all-time sales volume of more than $4 billion, according to NFT data tracker CryptoSlam. The $3.97 billion in NFT sales and the $82 million in wash sales were pooled in the statistics.
With $171 million in sales over the past 30 days, Bitcoin-based NFTs have surpassed all other blockchain-based sales volumes. Ethereum, with $159 million, and Solana, with $90 million over the previous month, trailed the network.
Overall NFT Market is Down 54%
NFTs based on Bitcoin are topping 30-day volumes statistics, although the network is only the fourth-largest blockchain in terms of sales. It is ranked third on the Ronin blockchain, with $4.2 billion in total sales. Second place goes to Solana-based NFTs, whose record-breaking total sales of $5.5 billion. With an astounding $43.8 billion in recorded sales, the Ethereum network continues to hold the top position for NFT sales in the meantime.
Lower sales volumes were also observed in the larger NFT market in May. According to CryptoSlam, the monthly NFT sales volume decreased by 54% in May as compared to April. NFT sales reached over $1 billion in April, while $624 million was recorded in May. Collectibles based on Bitcoin were similarly impacted by the drop in sales volume. Sales of NFTs based on Bitcoin dropped by 68% in May, according to the data.
FAQ
Does Bitcoin Have NFTs?
Since the Ordinals protocol was introduced in January 2023 and allowed for the direct minting of NFTs onto the Bitcoin blockchain, there has been a noticeable increase in the acceptance and adoption of Bitcoin NFTs.
What is the First NFT?
Kevin McCoy minted “Quantum,” the first NFT, on the Namecoin network in 2014. However, the Ethereum blockchain, which offered a more dependable and approachable platform for starting NFT applications, allowed NFTs to reach their full potential.
What is the Wash Sale?
In order to generate financial losses, an investor who sells a cryptocurrency or security at a loss and then promptly buys the same or nearly identical cryptocurrency or asset again is said to be engaging in a wash sale.
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