#bitcoin #NFTs Break Records with $4 Billion in Sales Despite Market Downturn
Bitcoin NFTs Defy Market Downturn, Reach New Sales High
- Despite a significant downturn in the overall NFT market in May, Bitcoin-based NFTs achieved a new high in total sales volume. According to CryptoSlam data, Bitcoin NFTs surpassed $4 billion in all-time sales as of June 4, including $3.97 billion in legitimate sales and $82 million in wash trades. In May, Bitcoin NFTs led the market with $171 million in sales, outpacing #Ethereum ($159 million) and Solana ($90 million).
Market Position and Comparison
- Bitcoin NFTs, despite recent success, remain behind Ethereum, which leads with $43.8 billion in all-time NFT sales. Bitcoin ranks fourth, trailing Ronin ($4.2 billion) and Solana ($5.5 billion).
Impact of the Broader NFT Market Slump
- The overall NFT market saw a 54% decline in May, with sales dropping from $1 billion in April to $624 million. Bitcoin NFTs also experienced a 68% drop in sales during this period.
High-Profile Losses
- The market downturn significantly affected high-profile investors like Justin Bieber, whose NFT portfolio value dropped by over 90%. Bieber, who invested more than $2 million in NFTs in 2022, saw his investments in Bored Apes Yacht Club (BAYC), Mutant Apes Yacht Club (MAYC), and other collections plummet drastically in value.
Conclusion
While the NFT market has faced turbulence, Bitcoin-based NFTs have shown resilience, achieving new sales highs and outperforming other platforms in recent sales volumes. However, the broader market decline underscores the volatility and risk associated with NFT investments.
Source - cryptoglobe.com
