The Bitcoin network has climbed a spot in the historical non-fungible token (NFT) sales rankings, overtaking the Ronin blockchain, which previously held the third-highest position for all-time NFT sales.
According to NFT data tracker CryptoSlam, on June 18, Bitcoin-based NFTs achieved an all-time sales volume of $4,271,928,280, surpassing the Ronin blockchain’s record of $4,271,675,550. This advancement places Bitcoin in the top three blockchain networks for NFT sales, following Solana and Ethereum.
In the past 30 days, Bitcoin-based NFTs saw a sales volume of $148 million, securing them the second position for the month, just behind Ethereum with a volume of $157 million. Solana followed closely with approximately $77 million in sales.
Despite the significant sales figures, there was a decline in NFT volume, with the top three chains experiencing at least a 40% decrease in 30-day sales, as reported by CryptoSlam.
Jeff Zirlin, co-founder at Sky Mavis, the team behind the Ronin network, noted that Bitcoin NFTs are still considered “primitive.” Zirlin expressed his belief in the positive impact of increased NFT adoption, stating that they are focused on competing within the blockchain gaming ecosystems rather than on Bitcoin. He emphasized that the gaming industry is evolving and that strategies need to adapt to the changing landscape to maintain user engagement and revenue growth.
On June 4, CryptoSlam data revealed that Bitcoin-based NFTs reached $4 billion in all-time sales volume, comprising $3.97 billion in NFT sales and over $80 million in wash sales. Despite this milestone, the broader NFT market experienced a decrease in sales volumes, with a 54% decline in monthly NFT sales volume in May compared to April. NFT sales surpassed $1 billion in April, while May saw a total volume of $624 million in the digital collectibles industry.
It is clear that the landscape of NFTs and blockchain technology continues to evolve, with new challenges and opportunities emerging for industry participants.