NFTs
NFT sales on Bitcoin surpass those on the Ronin blockchain
Today, for the first time, Bitcoin NFT sales since its launch last year on the Ordinals protocol surpassed the $4.27 billion threshold, surpassing historical sales recorded by the Ronin blockchain.
This is an incredible result if we consider that non-fungible tokens developed on Bitcoin completely lack utility and integration with real products, while those on Ronin are involved in a much more dynamic gaming context.
Let’s see all the details below.
NFT in Bitcoin: sales of 4.27 billion dollars, higher than Ronin
According to data released by the CryptoSlam platform, the so-called “continuous sales” (i.e. sales since day 0) of NFTs built on Bitcoin surpassed those recorded by the Ronin blockchain.
It is worth highlighting how the latter, known for hosting the game Infinite Axie so beloved by the Filipino population, it was born in March 2018 while Bitcoin only started minting NFTs from January 2023.
In just 18 months, the trend of non-fungible tokens on the crypto world’s leading crypto network, which emerged thanks to the introduction of the Ordinals protocol, led to total sales of 4.278 billion dollarsof which 84 thousand dollars came from wash trading activities, with the limit of 4 billion reached on June 4, 2024.
To date, the Ronin chain has recorded sales of 4.271 billion dollars, falling to 4th place in the ranking of the most profitable chains of all time in this regard.
Now on the podium above Bitcoin, only Solana remains with historical volumes of 5.6 billion dollars and Ethereum with 43.8 billion dollars.
Source: https://www.cryptoslam.io
Despite the milestone achieved, the broader NFT market has seen very low sales volumes in recent months, with a sharp drop in numbers in May compared to April.
In the last 30 days, data showed a 51.3% drop, bringing total sales to $525 million.
The Bitcoin blockchain is not missing from the list of networks that have seen a decline in trading activity: NFT sales on the orange chain fell below the threshold yesterday. 2.5 million dollars dailymarking one of the lowest values since November 2023.
Below is the graph of the trading trend of non-fungible tokens on the Bitcoin network.
Despite this, even in the monthly ranking, Bitcoin is positioned in 2nd place with 148 million dollars, even surpassing Solana which in the same period registered just 77 million dollars.
At this juncture Ronin falls to 9th position with a total of 3.3 million dollars, an incredibly low value compared to the record set in August 2021, when the network processed NFT sales for more than 869 million dollars.
Non-Fungible Tokens developed on Bitcoin lack utility and are not related to the blockchain gaming sector
Although NFTs on Bitcoin perform better than other non-fungible tokens developed on different blockchains, some note that these lack utility and represent a degrading practice for the world’s most famous and decentralized cryptographic network.
In this sense, Jeff Zirlin, co-founder of Sky Mavis, the team behind the Ronin network, believes that NFTs created on Bitcoin thanks to the “digital artifacts” of Ordinals, do not have typical adoption of features related to gaming ecosystems. These are his words in a recent interview:
“We don’t pay much attention to Bitcoin NFTs because they are still primitive and not related to gaming. In general, greater adoption of NFTs is good and we are more competitive with ecosystems that specifically focus on gaming.”
In fact, NFTs on Bitcoin mainly enjoy the reputation of the underlying blockchainbut they do not introduce anything new to the on-chain finance sector and are not an integral part of gaming systems like Ronin with Axie Infinity.
Zirlin then emphasized how the recent decline in sales volumes recorded behind its own infrastructure is justified by an increase in new user acquisition costs.
In the future, public incentives and the relationships that will be established with the community will allow for longer lasting games and more solid financial returns.
So you want to play a… crypto game?
Good news, the @Ronin_Network you’re covered!
From highly competitive shooters to super casual, top-down to farming simulators, gamers from all over the world are starting to find their home in this L2.Let’s dive into some of the games and… pic.twitter.com/rlO3ScWxRn
-Tr3vor (@tr3vorx) June 10, 2024
The technology of the Ordinals, however primitive it may be, has been praised by the maximalist michael saylor as a true innovation, to the point of pushing him to create a decentralized identity service called “MicroStrategy Orange”.
True Bitcoin experts, however, like the developer of BullBitcoin.com, believe that Ordinals and their NFTs are one of the stupidest things ever invented so far.
Often these resources are linked to crypto scams and fraud of various types, or money laundering structures arising from illegal activities.
Using inscriptions to create digital IDs in Bitcoin is so backwards that I’m not worried it will go away. Saylor is doing this because the folks at BMag thought inscriptions were cool, edgy technology.
It’s even dumber than ordinals because at least with ordinals you can commit scams.
– FRANCIS – BULLBITCOIN.COM (@francispouliot_) May 2, 2024
If we then return to the discussion about “utility” and integration in the gaming sector, it becomes clear how NFTs in Bitcoin have no value other than that related to the market speculationas they are not more technologically advanced compared to NFTs developed in EVM networks and have no use in the real world.
Furthermore, we remember that this type of resources obstructs the member pool of Bitcoin and significantly increase the cost of network gas, offering a limited user experience, in exchange for a slight increase in profitability for miners.
Bitcoin was created as a layer for the reliable transfer of BTC currency and should, according to the opinion of many experts, remain that way with the aim of increasing privacy, scalability and decentralization, rather than being used in very niche contexts. more specific.