July 14, 2024
Bitcoin NFTs on the Rise Overtake Ronin in All-Time Sales

Bitcoin NFTs on the Rise: Overtake Ronin in All-Time Sales

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 record for all-time NFT sales. On June 18, NFT data tracker CryptoSlam reported that Bitcoin NFTs reached an all-time sales volume of $4,271,928,280. This surpasses Ronin’s record of $4,271,675,550, elevating Bitcoin to one of the top three leading blockchain networks for NFT sales, following Solana and Ethereum.

All-time sales volume. Source: CryptoSlam

Recent Sales and Market Trends

In the past 30 days, Bitcoin NFTs recorded a sales volume of $148 million, positioning them in the top two spots for the month, just behind Ethereum, which had a volume of $157 million. Solana came in third with approximately $77 million in sales. Despite the substantial sales, the NFT market experienced a downturn, with the top three chains showing at least a 40% decline in 30-day sales volumes, according to CryptoSlam.

Jeff Zirlin, co-founder of Sky Mavis, the team behind the Ronin network, shared his thoughts on the market dynamics. Zirlin stated that more NFT adoption is beneficial and noted that although they have not focused on Bitcoin, they remain competitive within the blockchain gaming ecosystems.

“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.”

He remarked, “Web3 offers an alternate path, one that creates longer-lasting games via incentive alignment with your core audience and ownership-based revenue models.” Zirlin also commented that the gaming industry is “in a state of evolution” as traditional strategies are yielding diminishing returns due to increased user acquisition costs.

Market Performance and Future Outlook

On June 4, CryptoSlam data revealed that Bitcoin NFTs surpassed $4 billion in all-time sales volume, combining $3.97 billion in legitimate NFT sales and over $80 million in wash sales. Despite reaching this new milestone, the broader NFT market has seen a reduction in sales volumes. In May, the NFT market experienced a 54% decline in monthly sales volume compared to April. While NFTs recorded over $1 billion in sales in April, the volume dropped to $624 million in May.

This trend underscores the fluctuating nature of the NFT market and highlights the challenges and opportunities within the space. As market participants navigate these dynamics, the rise of Bitcoin in the NFT sales rankings signals a shift in the landscape and potential for further growth and innovation in the sector.

Image by Gerd Altmann from Pixabay

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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