Bitcoin has surpassed the Ronin blockchain to establish the third-highest record for all-time non-fungible token (NFT) sales, thereby ascending in the all-time NFT sales rankings.
In comparison to the 2021 bull market, during which the prevalence of these tokens was at its highest, the NFT market experienced a substantial decrease in trading volumes.. On June 18, CryptoSlam, an NFT data tracker, validated this development, which represents a critical juncture for Bitcoin-based NFTs.
It is crucial to emphasize that Bitcoin NFTs achieved an all-time sales volume of $4,271,928,280, surpassing the Ronin blockchain’s record of $4,271,675,550. This achievement propelled the leading cryptocurrency to the top three main blockchain networks for NFT sales, with Ethereum and Solana following suit.
The second position for the month has been achieved by NFTs that are based on the Bitcoin blockchain, which have generated a sales volume of $148 million over the past 30 days. In contrast, Ethereum is the market leader with $157 million in sales, while Solana is in third place with approximately $77 million in sales.
In comparison to the 2021 bull market, during which the prevalence of these tokens was at its highest, the NFT market experienced a substantial decrease in trading volumes. Ethereum, Solana, and Bitcoin have demonstrated a minimum of a 40% decline in 30-day sales, according to CryptoSlam.
From April to May, there was a 54% decrease in the monthly volume of NFT sales. April’s revenue exceeded $1 billion, while May’s volume decreased by $624 million. Previously, it was reported that NodeMonkes, a Bitcoin-based NFT collection, experienced a significant increase in sales volume in March, surpassing $11.4 million, a record high.
Jeff Zirlin, the co-founder of Sky Mavis, the team responsible for the Ronin network, acknowledged the expansion of Bitcoin NFTs. However, he reiterated that his team’s primary concentration is on blockchain gaming ecosystems.
Zirlin observed in an interview that Bitcoin NFTs, despite their increasing popularity, are still “primitive” and not explicitly associated with gaming.
“We have not been paying much attention to Bitcoin NFTs because they are still primitive and unrelated to gaming.” Zirlin stated that the general consensus is that the increased adoption of NFTs is beneficial, and that we are more competitive with ecosystems that are specifically focused on gaming.
Zirlin emphasized the continuous evolution of gaming, in which conventional strategies are experiencing diminishing returns as a result of the increasing costs of user acquisition. Web3, he believes, is a promising alternative that provides longer-lasting games by aligning incentives with primary audiences and utilizing ownership-based revenue models.
The recent success of Bitcoin NFTs is situated within a broader context of fluctuating market dynamics. Bitcoin-based NFTs achieved an all-time sales volume of $4 billion on June 4, according to CryptoSlam data. This figure is comprised of $3.97 billion in legitimate sales and more than $80 million in waste sales.
