On June 18, according to NFT data tracker CryptoSlam, the Bitcoin network advanced in the all-time nonfungible token (NFT) sales rankings, surpassing the Ronin blockchain. Bitcoin-based NFTs achieved a total sales volume of $4,271,928,280, exceeding Ronin’s record of $4,271,675,550. This positions Bitcoin among the top three blockchain networks for NFT sales, following Solana and Ethereum.
In the past 30 days, Bitcoin-based NFTs achieved a sales volume of $148 million, securing the second position behind Ethereum, which recorded $157 million. Solana closely followed with approximately $77 million in sales.
However, despite these substantial sales figures, NFTs across the top three chains experienced a downturn, with each showing a decrease of at least 40% in sales volume over the past 30 days, as reported by CryptoSlam.
Bitcoin NFTs are still considered “rudimentary.”
Jeff Zirlin, co-founder of Sky Mavis, the team behind the Ronin network, expressed that increased adoption of NFTs is positive. Speaking to Cointelegraph, he mentioned that their focus has not been on Bitcoin NFTs, as they perceive them to be still rudimentary and unrelated to gaming. Zirlin emphasized that their competitiveness lies in blockchain gaming ecosystems.
“We haven’t been closely following Bitcoin NFTs because they are still at an early stage and not integrated with gaming. Generally, broader NFT adoption is beneficial, and our competitive edge lies in ecosystems dedicated to gaming,” Zirlin stated.
Regarding the gaming industry, Zirlin noted that it is evolving, with traditional strategies facing challenges due to rising user acquisition costs.
“Web3 provides an alternative approach, fostering longer-lasting games through incentive alignment with the core audience and revenue models based on ownership,” Zirlin elaborated.
Bitcoin NFTs have reached a milestone of $4 billion in total sales.
According to CryptoSlam data on June 4, Bitcoin-based NFTs achieved $4 billion in cumulative sales volume, comprising $3.97 billion from NFT sales and over $80 million from wash sales.
Despite reaching this milestone, the overall NFT market experienced decreased sales volumes. May saw a 54% decline in monthly NFT sales compared to April, with NFTs generating over $1 billion in April and the industry recording $624 million in May for digital collectibles.