{"id":22029,"date":"2024-06-05T17:00:33","date_gmt":"2024-06-05T14:00:33","guid":{"rendered":"https:\/\/coinengineer.io\/?p=22029"},"modified":"2024-06-05T10:43:37","modified_gmt":"2024-06-05T07:43:37","slug":"bitcoin-nfts-surge-in-sales-despite-overall-market-slump","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bitcoin-nfts-surge-in-sales-despite-overall-market-slump\/","title":{"rendered":"Bitcoin NFTs Surge in Sales Despite Overall Market Slump"},"content":{"rendered":"<p>Although the <strong>non-fungible token (NFT)<\/strong> market slumped in May, with general sales declining by 54%, digital collectibles created on the <strong>Bitcoin blockchain<\/strong> bucked the trend and peaked in total sales volume instead.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-nfts-surge-in-sales-despite-overall-market-slump\/#Bitcoin_NFTs_Outperform_in_Sales_Volume\" title=\"Bitcoin NFTs Outperform in Sales Volume\">Bitcoin NFTs Outperform in Sales Volume<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-nfts-surge-in-sales-despite-overall-market-slump\/#Market_Downturn_and_Impact_on_NFT_Sales\" title=\"Market Downturn and Impact on NFT Sales\">Market Downturn and Impact on NFT Sales<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-nfts-surge-in-sales-despite-overall-market-slump\/#Celebrity_NFT_Investments_Decline\" title=\"Celebrity NFT Investments Decline\">Celebrity NFT Investments Decline<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"Bitcoin_NFTs_Outperform_in_Sales_Volume\"><\/span>Bitcoin NFTs Outperform in Sales Volume<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p>Data from <strong>NFT<\/strong> tracker CryptoSlam shows that on June 4, <strong>Bitcoin-based NFTs<\/strong> exceeded $4 billion in all-time sales volume, including both legal sales ($3.97 billion) and wash transactions ($82 million).<\/p>\n<p>With $171 million, <strong>Bitcoin NFTs<\/strong> edged out Ethereum ($159 million) and Solana ($90 million) for the top spot in terms of sales volume over the last month.<\/p>\n<p>While ETH has a commanding presence in the market with a staggering $43.8 billion in all-time NFT sales,<strong> Bitcoin NFTs<\/strong> 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).<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Market_Downturn_and_Impact_on_NFT_Sales\"><\/span>Market Downturn and Impact on NFT Sales<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Last month recorded <strong>$624 <\/strong>million compared to April&#8217;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.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Celebrity_NFT_Investments_Decline\"><\/span>Celebrity NFT Investments Decline<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>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.<\/p>\n<p><a href=\"https:\/\/coinengineer.net\/blog\/ftx-and-irs-agree-on-24b-tax-settlement\/\"><em><span style=\"font-weight: 400;\">This Might Interest You:\u00a0<\/span>FTX and IRS Agree on $24B Tax Settlement<\/em><\/a><\/p>\n<p>Data from on-chain cryptocurrency analysis company Arkham Intelligence shows Bieber made significant investments in NFTs following the acquisition of the second-largest cryptocurrency by market capitalization, Ethereum ($ETH), from the Bored Apes Yacht Club (BAYC) collection and two NFTs from the Mutant Apes Yacht Club (MAYC) for $1.86 million.<\/p>\n<p>Bieber&#8217;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%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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<\/p>\n","protected":false},"author":6,"featured_media":22031,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,1],"tags":[6657],"class_list":["post-22029","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-genel","tag-bitcoin-nfts"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin NFTs Surge in Sales Despite Overall Market Slump<\/title>\n<meta name=\"description\" content=\"Bitcoin-based NFTs see a peak in sales volume, surpassing Ethereum and Solana in May, despite a 54% decline in the overall NFT market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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