In May, the NFT market experienced a sharp decline, with overall sales dropping by 54%. Despite this, digital collectibles on the Bitcoin blockchain saw a surge in sales, reaching a new high of over $4 billion in total sales volume on June 4th, as per data from NFT tracker CryptoSlam.
This figure includes both legitimate sales and wash trades. Over the past month, Bitcoin-based NFTs led in sales volume with $171 million, surpassing Ethereum and Solana. However, Ethereum maintains dominance in the NFT market, boasting over $43.8 billion in all-time sales compared to Bitcoin’s $4 billion. The broader slump affected Bitcoin NFTs too, with a 68% drop in sales in May.
Pop star Justin Bieber, who invested heavily in NFTs in 2022, saw his portfolio’s value plummet by over 90% to just over $100,000. Bieber’s investment, initially over $2 million, included NFTs from collections like Bored Apes Yacht Club and Mutant Apes Yacht Club. Other assets in his portfolio, such as World of Women NFTs and Doodles NFTs, also suffered significant losses, ranging from 89.7% to 97.4%, according to data from Arkham Intelligence.
June 2024, Cryptoniteuae
