Bitcoin NFTs surpass Ronin in all-time sales

The NFT Unicorn 4de5b5a7-b8f0-4d54-9e0a-564b203bfa70 Bitcoin NFTs surpass Ronin in all-time sales Crypto News

The Bitcoin network has moved up a spot in the all-time nonfungible 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 showed that Bitcoin-based NFTs recorded an all-time sales volume of $4,271,928,280. This surpasses the Ronin blockchain’s record of $4,271,675,550, moving Bitcoin to the top 3 leading blockchain networks for NFT sales, following Solana and Ethereum.

All-time sales volume Source: CryptoSlam

In the last 30 days, Bitcoin-based NFTs recorded a sales volume of $148 million. This puts them in the top two spots for the month, following Ethereum, which had a volume of $157 million. Solana followed closely with about $77 million.

Despite the millions in sales recorded, NFTs experienced a downturn in volume, with the top three chains showing at least a 40% decline in 30-day sales, according to CryptoSlam.

Bitcoin NFTs are still “primitive”

In a statement, Jeff Zirlin, co-founder at Sky Mavis, the team behind the Ronin network, believes that more NFT adoption is good. The executive told Cointelegraph that they have not been focusing on Bitcoin but are competitive with blockchain gaming ecosystems. Zirlin said:

“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.”

Zirlin believes that gaming is “in a state of evolution” now. The Sky Mavis co-founder explained that strategies that previously worked for gaming companies have started to show diminishing returns because of the increase in user acquisition costs.

“Web3 offers an alternate path, one that creates longer-lasting games via incentive alignment with your core audience and ownership-based revenue models,” Zirlin added.

Related: Bitcoin transaction value hits yearly high with $25B moved

Bitcoin NFTs hit $4 billion in all-time sales

On June 4, CryptoSlam data showed that Bitcoin-based NFTs hit $4 billion in all-time sales volume. The data combined $3.97 billion in NFT sales and over $80 million in wash sales.

Despite the new milestone, the broader NFT market recorded lower sales volumes. There was a 54% decline in monthly NFT sales volume in May compared to April. NFTs saw over $1 billion in sales in April, while the digital collectibles industry recorded a volume of $624 million in May.

Magazine: ‘Bitcoin Layer 2s’ aren’t really L2s at all: Here’s why that matters

Source: Cointelegraph