The nonfungible token (NFT) market witnessed a significant decline in May, with a 54% drop in overall sales. However, Bitcoin-based digital collectibles reached a significant milestone, as recent data from CryptoSlam revealed.
On June 4, CryptoSlam reported that NFTs on the Bitcoin blockchain surpassed a cumulative sales volume of $4 billion, comprising $3.97 billion in NFT sales and $82 million in wash sales.
In terms of 30-day sales volume, Bitcoin-based NFTs emerged as the leader with $171 million. Ethereum followed closely with $159 million in sales, while Solana secured the third spot with $90 million.
Despite the impressive 30-day sales volumes, Bitcoin currently holds the fourth position in terms of all-time NFT sales. The third spot belongs to the Ronin blockchain with $4.2 billion in sales, while Solana occupies the second position with $5.5 billion. Ethereum continues to dominate the NFT market with an all-time sales volume of $43.8 billion.
While the NFT market showed signs of recovery in April, it faced a slowdown in May. According to CryptoSlam, the global NFT sales volume for May was $624 million, a significant decrease from April’s figure, which exceeded $1 billion. This decline in sales was witnessed across major blockchains like Bitcoin, Ethereum, and Solana.
Bitcoin-based NFTs experienced one of the steepest declines in sales volume, with a 68% drop 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 decline, some NFT collections managed to grow. The SocialFi project Fantasy Top and the Immutable-based blockchain game Guild of Guardians experienced significant growth, contributing to the rise of Blast and Immutable overall. On Solana, the DogeZuki Collection and Solana Monkey Business were notable gainers.
In addition to the milestone in sales volume, Bitcoin also achieved 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 on-chain transaction value provides valuable insights into Bitcoin trends and assists traders in making informed decisions. On May 28, approximately 367,000 BTC were moved on the blockchain, the largest volume since June 13, 2022.
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.
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 Bitcoin’s halving dates often marked the midpoint between the beginning and peak of bull markets.
Despite the downturn in the NFT market, Bitcoin-based NFTs achieved remarkable milestones in terms of sales volume and transaction value. Certain collections and projects experienced growth, showcasing the dynamic and evolving nature of the NFT space.
Furthermore, 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.
