Bitcoin Network Climbs to Top 3 in All-Time NFT Sales, Overtakes Ronin Blockchain
Summary:
The Bitcoin network has become one of the top three blockchain networks in nonfungible token (NFT) sales, surpassing the Ronin blockchain with an all-time sales volume of $4,271,928,280. In the past 30 days, Bitcoin-based NFT sales reached $148 million, ranking second to Ethereum which reported $157 million. Despite these figures, there was a significant reduction in NFT sales volume across the top three chains. Commenting on the trend, Jeff Zirlin, co-founder of Sky Mavis (behind the Ronin network), stated that while Bitcoin was not their primary focus, they were competitors in the blockchain gaming ecosystems.
The Bitcoin network has ascended in the ranks of all-time nonfungible token (NFT) sales, overtaking the Ronin blockchain that was previously in third place. According to CryptoSlam, a data platform for NFT, Bitcoin-based NFT sales hit a peak of $4,271,928,280 on June 18, edging over Ronin's record of $4,271,675,550. With this leap, Bitcoin has joined Solana and Ethereum as one of the top three blockchain networks in NFT sales. Bitcoin NFTs have accounted for a sales volume of $148 million in the past 30 days, placing it in second place for the month, with Ethereum in the lead at $157 million. Solana followed closely in the third place with approximately $77 million. However, despite these figures, CryptoSlam reports a decrease in NFT volume, witnessing at least a 40% drop in 30-day sales on the top three chains.
Jeff Zirlin, co-founder of Sky Mavis, the organization behind the Ronin network, expressed positivity towards the increased NFT adoption. He admitted to Cointelegraph that while Bitcoin had not been their main focus, they remain competitive with blockchain gaming networks. According to Zirlin, Bitcoin NFTs continue to be "primitive" and not particularly relevant to the gaming industry. Notably, he stated his belief that gaming is experiencing a significant shift, pointing out that strategies previously deemed successful for game companies are experiencing declining returns due to increased user acquisition costs.
On June 4, CryptoSlam revealed that the all-time sales volume for Bitcoin-based NFTs reached $4 billion. This figure includes $3.97 billion in NFT sales and more than $80 million in wash sales. Despite this record, the broader NFT market experienced lower sales volumes, with sales in May down 54% compared to April. In April, NFT sales exceeded $1 billion, while May watched digital collectibles industry achieving a volume of $624 million.
Published At
6/18/2024 11:41:51 AM
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