While the non-fungible token (NFT) market experienced a significant downturn in May, with overall sales dropping by 54%, digital collectibles built on the Bitcoin blockchain defied the trend, reaching a new high in total sales volume.
According to data from NFT tracker CryptoSlam, first reported by Cointelegraph, Bitcoin-based NFTs surpassed $4 billion in all-time sales volume on June 4., with the figure encompassing both legitimate sales ($3.97 billion) and wash trades ($82 million).
Bitcoin NFTs also led the pack in terms of sales volume over the past month, recording $171 million – edging out Ethereum ($159 million) and Solana ($90 million) for the top spot.
GM!A quick look at the NFT market this morning.Global Markets (24h)NFT Sales – $19.66M (+21.13%)NFT Buyers – 79,460 (+62.85%)NFT Sellers – 44,188 (+31.04%)NFT Transactions – 237,445 (+32.49%) pic.twitter.com/vsxRnTzFvn
— CryptoSlam! (@cryptoslamio) June 4, 2024
However, despite this recent surge, Bitcoin NFTs remain far behind Ethereum in total sales, with ETH boasting a staggering $43.8 billion in all-time NFT sales, holding a dominant position in the market. Bitcoin currently sits in fourth place, following the Ronin blockchain ($4.2 billion) and Solana ($5.5 billion).
The broader NFT market also felt the sting of a broader slump in May with CryptoSlam data showing a 54% decline in monthly sales volume compared to April, and last month recording $624 million compared to April’s $1 billion. This decline also impacted Bitcoin NFTs, which experienced a 68% drop in sales during the same period.
Also read: Who Invented NFTs? A Brief History Of Non-Fungible Tokens
The NFT market slump has seen pop superstar Justin Bieber, who invested more than $2 million in these tokens back in 2022, see the value of his portfolio plummet by over 90% to be barely worth over $100,000.
According to data from on-chain cryptocurrency analysis firm Arkham Intelligence, Bieber invested heavily in NFTs after his cryptocurrency wallet received over $2.34 million worth of the second-largest cryptocurrency by market capitalization Ethereum ($ETH) that were used to buy 2 NFTs from the Bored Apes Yacht Club (BAYC) collection and 2 NFTs from the Mutant Apes Yacht Club (MAYC) collection for $1.86 million.
Bieber’s NFT portfolio wasn’t limited to apes. His initial investment also included a collection of other digital collectibles, including a World of Women NFT, two Doodles NFTs, an Otherdeed NFT, and a Metacard NFT. These additional assets have also seen their value plummet, with reported losses ranging from 89.7% to 97.4%.
Featured image via Unsplash.
