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.

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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%.