Bitcoin NFTs Exceed Ronin in All-Time Sales
18 Jun, 2024 ● Coin news
The Bitcoin network has advanced in the all-time non-fungible token (NFT) sales rankings, surpassing the Ronin blockchain, which previously held the third-highest position for all-time NFT sales.
On June 18, NFT data tracker CryptoSlam reported that Bitcoin-based NFTs achieved an all-time sales volume of $4,271,928,280.
This exceeded Ronin blockchain’s record of $4,271,675,550, elevating Bitcoin to the top three blockchain networks for NFT sales, behind Solana and Ethereum.
In the past 30 days, Bitcoin-based NFTs recorded a sales volume of $148 million, securing the second spot for the month, just after Ethereum, which had a volume of $157 million.
Solana followed with approximately $77 million.
Despite the substantial sales, NFTs experienced a downturn in volume, with the top three chains showing at least a 40% decline in 30-day sales, according to CryptoSlam.
Jeff Zirlin, co-founder at Sky Mavis, the team behind the Ronin network, commented that increased NFT adoption is beneficial.
He told Cointelegraph that they have not been focusing on Bitcoin but are competitive with blockchain gaming ecosystems. Zirlin stated:
“We haven’t been paying too much attention to Bitcoin NFTs because they are still primitive and unrelated to gaming. In general, more adoption of NFTs is good and we’re more competitive with ecosystems that focus specifically on gaming.”
Zirlin believes that gaming is currently “in a state of evolution.” He explained that strategies that previously worked for gaming companies have started to show diminishing returns due to the rise in user acquisition costs.
“Web3 offers an alternate path, one that creates longer-lasting games via incentive alignment with your core audience and ownership-based revenue models,” Zirlin added.
On June 4, CryptoSlam data indicated that Bitcoin-based NFTs surpassed $4 billion in all-time sales volume, combining $3.97 billion in NFT sales and over $80 million in wash sales.
Despite this new milestone, the broader NFT market saw a decline in sales volumes.
There was a 54% drop in monthly NFT sales volume in May compared to April.
The market recorded over $1 billion in sales in April, while the volume fell to $624 million in May.
Sources:
https://cointelegraph.com/news/bitcoin-nfts-surpass-ronin-all-time-sales
