Crypto:
30349
Bitcoin:
$64.301
% 0.60
BTC Dominance:
%54.0
% 0.22
Market Cap:
$2.34 T
% 1.02
Fear & Greed:
63 / 100
Bitcoin:
$ 64.301
BTC Dominance:
% 54.0
Market Cap:
$2.34 T

Bitcoin NFTs Surge in Sales Despite Overall Market Slump

Bitcoin Nfts

Although the non-fungible token (NFT) market slumped in May, with general sales declining by 54%, digital collectibles created on the Bitcoin blockchain bucked the trend and peaked in total sales volume instead.

Bitcoin NFTs Outperform in Sales Volume

Data from NFT tracker CryptoSlam shows that on June 4, Bitcoin-based NFTs exceeded $4 billion in all-time sales volume, including both legal sales ($3.97 billion) and wash transactions ($82 million).

With $171 million, Bitcoin NFTs edged out Ethereum ($159 million) and Solana ($90 million) for the top spot in terms of sales volume over the last month.

While ETH has a commanding presence in the market with a staggering $43.8 billion in all-time NFT sales, Bitcoin NFTs remain well behind Ethereum in overall sales, even with this recent increase. Bitcoin is currently ranked fourth, after the Ronin blockchain ($4.2 billion) and Solana ($5.5 billion).

Market Downturn and Impact on NFT Sales

Last month recorded $624 million compared to April’s $1 billion, and the wider NFT sector also suffered the pain of a more general downturn in May, with CryptoSlam statistics indicating a 54% drop in monthly sales volume compared to April. Additionally affected by this fall were Bitcoin NFTs, whose revenues dropped 68% during the same time span.

Celebrity NFT Investments Decline

Pop singer Justin Bieber, who spent more than $2 million in NFT tokens back in 2022, has seen the value of his portfolio drop by over 90% to be barely worth over $100,000.

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Data from on-chain cryptocurrency analysis company Arkham Intelligence shows Bieber made significant investments in NFTs following the acquisition of the second-largest cryptocurrency by market capitalization, Ethereum ($ETH), from the Bored Apes Yacht Club (BAYC) collection and two NFTs from the Mutant Apes Yacht Club (MAYC) for $1.86 million.

Bieber’s NFT portfolio was comprised of more than just apes. Along with a World of Women NFT, two Doodles NFTs, an Otherdeed NFT, and a Metacard NFT, his first purchase featured a set of additional digital relics. These extra assets have likewise lost value; stated losses range from 89.7% to 97.4%.

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