The Bitcoin network has moved up one place in the non-fungible token (NFT) sales rankings.
The Bitcoin network has climbed up one spot in the all-time rankings for non-fungible token (NFT) sales, surpassing the Ronin blockchain, which previously held the third-highest NFT sales record on record.
On June 18, NFT data tracker CryptoSlam showed that Bitcoin-based NFTs saw an unprecedented sales volume of $4,271,928,280. This surpasses Ronin’s blockchain record of $4,271,675,550, placing Bitcoin in the top 3 major blockchain networks for NFT sales, after Solana and Ethereum.
Over the past 30 days, Bitcoin-based NFTs have seen $148 million in sales volume. This places them in the top two for the month, behind Ethereum, which recorded $157 million in trading volume. Solana followed closely with around $77 million.
Despite sales running into the millions, NFTs have seen a decline in volume, with the big three chains seeing at least a 40% drop in 30-day sales, according to CryptoSlam.
Bitcoin NFTs are still “primitive”
In a statement, Jeff Zuerlein, co-founder of Sky Mavis, the team behind the Ronin network, believes that increased NFT adoption is a good thing. The executive told Cointelegraph that it is not focused on Bitcoin but is competing with blockchain gaming ecosystems. Zerlin said:
“We haven’t paid much attention to Bitcoin NFTs because they are still primitive and have nothing to do with gaming. Overall, increased adoption of NFTs is a good thing and we are more competitive with ecosystems specifically focused on gaming.
Zierlein believes the game is “evolving” now. Sky co-founder Mavis explained that previously successful strategies from gaming companies are starting to show diminishing returns due to increasing user acquisition costs.
“Web3 offers an alternative path, one that creates long-term plays by aligning incentives with your target audience and ownership-based revenue models,” Zerlin added.
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Bitcoin NFTs Reached $4 Billion in All-Time Sales
On June 4, data from CryptoSlam showed that Bitcoin-based NFTs reached a record sales volume of $4 billion. The data collected $3.97 billion in NFT sales and over $80 million in wash sales.
Despite this new achievement, the broader NFT market has seen a decline in sales volumes. There was a 54% decline in monthly NFT sales volume in May compared to April. NFTs saw sales of over $1 billion in April, while the digital collectibles sector saw $624 million in volume in May.
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