NFTs
Bitcoin NFTs surpass Ronin in historic sales – TradingView News
The Bitcoin network moved up one spot in the all-time non-fungible token (NFT) sales rankings, surpassing the Ronin blockchain, which previously held the third-highest NFT sales record of all time.
On June 18, NFT data tracker CryptoSlam showed that Bitcoin-based NFTs recorded a historical sales volume of $4,271,928,280. This surpasses the Ronin blockchain record of $4,271,675,550, moving Bitcoin into the top three blockchain networks for NFT sales after Solana and Ethereum. Cointelegraph
Over the past 30 days, Bitcoin-based NFTs have recorded a sales volume of $148 million. This puts them in the top two positions of the month, behind Ethereum, which had a volume of US$157 million. Solana followed closely with around $77 million.
Despite millions in recorded sales, NFTs have seen a drop in volume, with the top three networks showing at least a 40% drop in sales in 30 days, according to CryptoSlam.
Bitcoin NFTs are still “primitive”
In a statement, Jeff Zirlin, co-founder of Sky Mavis, the team behind the Ronin network, believes greater NFT adoption is a good thing. The executive told Cointelegraph that they have not been focusing on Bitcoin, but are competitive with blockchain gaming ecosystems. Zirlin said:
“We haven’t paid much attention to Bitcoin NFTs because they are still primitive and have no relation to gaming. In general, greater adoption of NFTs is good and we are more competitive with ecosystems that focus specifically on gaming.”
Zirlin believes gaming is “in a state of evolution” right now. Sky co-founder Mavis explained that strategies that previously worked for gaming companies began to show diminishing returns due to rising user acquisition costs.
“Web3 offers an alternative path forward that creates longer-lasting games by aligning incentives with their core audience and ownership-based revenue models,” Zirlin added.
Bitcoin NFTs hit $4 billion in historic sales
On June 4, data from CryptoSlam showed that Bitcoin-based NFTs reached $4 billion in historical sales volume. The data combined $3.97 billion in NFT sales and more than $80 million in wash sales.
Despite the new milestone, the broader NFT market has seen lower sales volumes. There was a 54% drop in monthly NFT sales volume in May compared to April. NFTs recorded more than $1 billion in sales in April, while the digital collectibles industry recorded volume of $624 million in May.