NFTs
Bitcoin Blockchain Now Holds Third-Largest NFT Sale Ever
The Bitcoin network is breaking records beyond its native asset, BTC, reaching prices never seen by other cryptocurrencies. It is now one of the top three NFT ecosystems in sales generated through historical sales volumes, reaching $4,271,928,280 and pushing the Ronin network into fourth place.
As protocols like Ordinals and Rune bring new use cases to the legacy chain, Bitcoin has transformed into an established NFT ecosystem. Enthusiasts turn to the first blockchain in droves to get their hands on NFTs, allowing it to surpass its counterparts that offered NFTs long before Bitcoin.
Ethereum, the network where NFTs first emerged, leads all blockchains in sales volumes for this type of asset, valued at $43,861,912,400. Solana takes second place with $5,603,556,704. Ronin, the third-ranked network until Bitcoin took over, recorded $4,271,677,108.
Just last month, Bitcoin NFT trading accounted for around $148 million, trailing Ethereum’s $157 million but outperforming Solana, which recorded $77 million.
Bitcoin’s rise in the NFT sphere is commendable, but the usefulness of its NFTs is limited. Unlike other chains supporting applications like gaming, where NFTs find crucial implementations, Bitcoin cannot do the same. Its design does not support dApps and smart contracts. Furthermore, NFTs on it are deployed differently than other networks. Thus, these assets remain tradable commodities that obtain value through hype.
On the other hand, Ronin integrates the asset type into games, ensuring NFT value through gameplay and in-game mechanisms. Axie Infinity, one of the most popular on-chain games deployed on Ronin, utilizes NFT collectibles, allowing them to gain value through gameplay. Additionally, other apps capitalize on NFT features and utilize its versatile functionality to back their NFTs with more than hype factors. NFTs on Bitcoin do not yet have this option.
Image by Pete Linforth in Pixabay