Bitcoin-based NFTs have reached a significant milestone, surpassing the Ronin blockchain in all-time non-fungible token (NFT) sales. According to data from CryptoSlam, Bitcoin NFTs have recorded a total sales volume of $4,271,928,280 as of June 18. This figure surpasses Ronin’s total sales of $4,271,675,550, positioning Bitcoin as the third leading blockchain network for NFT sales, behind Ethereum and Solana.
In the last 30 days alone, Bitcoin-based NFTs achieved a sales volume of $148 million. This places Bitcoin in the top two spots for the month, following Ethereum with $157 million and ahead of Solana, which recorded around $77 million in sales. Despite these substantial figures, the overall NFT market has seen a decline, with the top three chains experiencing at least a 40% drop in 30-day sales volumes.
All-time sales volume. Source: CryptoSlam
Bitcoin NFTs Still Considered “Primitive”
Jeff Zirlin, co-founder of Sky Mavis, the team behind the Ronin network, commented on the rise of Bitcoin NFTs. He noted that while more adoption of NFTs is generally positive, the focus of Sky Mavis remains on blockchain gaming ecosystems. Zirlin remarked,
“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 highlighted the evolving nature of the gaming industry, noting that traditional strategies are yielding diminishing returns due to rising user acquisition costs. He emphasized that Web3 offers a new approach, fostering longer-lasting games through incentive alignment and ownership-based revenue models.
Bitcoin NFTs Reach $4 Billion in All-Time Sales
On June 4, CryptoSlam data revealed that Bitcoin-based NFTs had crossed the $4 billion mark in all-time sales volume. This includes $3.97 billion in NFT sales and over $80 million in wash sales. Despite this achievement, the broader NFT market has faced challenges, with a notable decline in monthly sales volumes. In May, the NFT market saw a 54% drop, recording $624 million in sales compared to over $1 billion in April.
The rise of Bitcoin NFTs marks a significant development in the NFT landscape, showcasing the growing diversification and adoption within the blockchain ecosystem.
