Bitcoin NFTs Defy Market Downturn, Achieve Record $4 Billion in Sales
Despite a significant downturn in the non-fungible token (NFT) market, digital collectibles based on the Bitcoin blockchain have shattered records with over $4 billion in total sales volume. This impressive figure includes both legitimate sales and wash trades, according to data from NFT tracker CryptoSlam.
In terms of sales volume over the past month, Bitcoin NFTs led the way with $171 million, surpassing Ethereum and Solana for the top spot. However, in terms of overall NFT sales, Bitcoin still lags behind Ethereum, which boasts a staggering $43.8 billion in all-time sales. Bitcoin occupies fourth place, trailing behind the Ronin blockchain and Solana.
The broader NFT market took a hit in May, with a 54% decline in sales volume compared to April. Bitcoin NFTs also experienced a 68% drop in sales during the same period. This downturn has affected individuals like Justin Bieber, who invested heavily in NFTs, seeing his portfolio’s value plummet by over 90%.
Bieber’s NFT investments included purchases from collections like Bored Apes Yacht Club and Mutant Apes Yacht Club. However, the value of these assets, along with other digital collectibles in his portfolio, has taken a significant hit. Losses have been reported ranging from 89.7% to 97.4%.
Despite these challenges, the resilience and popularity of Bitcoin NFTs showcase the growing demand for digital collectibles on the Bitcoin blockchain. With a record-breaking sales volume, Bitcoin NFTs continue to captivate both collectors and investors in the crypto market.