As a researcher with a background in blockchain technology and digital collectibles, I’ve been closely monitoring the NFT market trends, especially those related to Bitcoin-based NFTs. The recent data on CryptoSlam showing a new all-time high in sales volume for Bitcoin NFTs is quite intriguing.
In contrast to the broader NFT market that saw a steep decline in May, with sales plummeting by 54% in total, the digital collectibles established on the Bitcoin blockchain bucked this trend and reached a new pinnacle in overall sales volume.
Based on information from NFT tracking platform CryptoSlam, as initially shared by Cointelegraph, Bitcoin-NFTs reached a total sales volume of over $4 billion as of June 4th. This amount includes both genuine transactions ($3.97 billion) and wash trades ($82 million).
Over the past month, Bitcoin-based NFTs held the leading position in sales volume with a total of $171 million, surpassing Ethereum‘s $159 million and Solana’s $90 million.
This morning, I’ve checked in on the latest NFT market trends. Here’s a summary of the past 24 hours:— CryptoSlam! (@cryptoslamio) June 4, 2024
Despite the recent growth, Bitcoin NFTs trail significantly behind Ethereum in terms of total sales. Ethereum boasts an impressive $43.8 billion in all-time NFT sales, making it a clear leader in the market. In comparison, Bitcoin ranks fourth, with sales amounting to $X billion, following Ronin ($4.2 billion) and Solana ($5.5 billion).
The NFT market, including the broader sector, experienced a significant decrease in sales volume in May. According to CryptoSlam data, there was a 54% drop in monthly sales compared to April, with a total of $624 million sold last month versus $1 billion in April. This downturn similarly affected Bitcoin NFTs, which saw a 68% decrease in sales during the same timeframe.
As a crypto investor, I’ve witnessed firsthand the significant downturn in the NFT market. Back in 2022, I made a sizable investment of over $2 million in these tokens, following the footsteps of pop superstar Justin Bieber. However, the value of my portfolio has taken a severe hit, with more than 90% of its worth evaporated. Now, my holdings are barely worth over $100,000. It’s a stark reminder of the volatile nature of this market and the importance of diversification in one’s investment portfolio.
As a researcher, I’ve uncovered some intriguing information from Arkham Intelligence’s data analysis on cryptocurrency transactions. Specifically, it appears that Justin Bieber received approximately 2.34 million dollars’ worth of Ethereum ($ETH), which he then utilized to purchase two NFTs each from the popular collections, Bored Apes Yacht Club (BAYC) and Mutant Apes Yacht Club (MAYC). The total cost for these eight NFTs amounted to 1.86 million dollars.
Bieber’s NFT holdings extended beyond just apes. His initial purchase encompassed a variety of digital collectibles, such as a World of Women NFT, two Doodles NFTs, an Otherdeed NFT, and a Metacard NFT. Unfortunately, the value of these extra assets has significantly dropped, with reported losses ranging from 89.7% to 97.4%.
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2024-06-05 07:20