Bitcoin-based NFTs have recorded a sales volume of $148 million in the past 30 days, according to CryptoSlam.
The Bitcoin network has climbed a spot in the all-time non-fungible token (NFT) sales rankings, overtaking the Ronin blockchain, which previously held the third-highest record for all-time NFT sales.
On June 18, NFT data tracker CryptoSlam reported that 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 places Bitcoin among the top three leading blockchain networks for NFT sales, following Solana and Ethereum.
Over the last 30 days, Bitcoin-based NFTs recorded a sales volume of $148 million, making them the second-highest for the month, right behind Ethereum, which saw a volume of $157 million. Solana followed closely with around $77 million.
Despite these significant sales, the overall NFT market has experienced a downturn, with the top three chains showing at least a 40% decline in 30-day sales, according to CryptoSlam.
Bitcoin NFTs Still Considered “Primitive”
Jeff Zirlin, co-founder of Sky Mavis, the team behind the Ronin network, believes that broader NFT adoption is beneficial. He explained to Cointelegraph that their focus has not been on Bitcoin NFTs, as they are more aligned with blockchain gaming ecosystems. Zirlin stated:
“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 noted that gaming is currently undergoing a significant transformation. Traditional strategies that once worked for gaming companies are now showing diminishing returns due to rising user acquisition costs.
“Web3 offers an alternative path, one that creates longer-lasting games through incentive alignment with your core audience and ownership-based revenue models,” Zirlin added.
Summary Review: The rise of Bitcoin-based NFTs in the sales rankings highlights the growing interest and potential of Bitcoin–native decentralized finance (DeFi). However, industry experts like Jeff Zirlin emphasize that Bitcoin NFTs are still in their early stages and not yet a significant factor in the gaming sector. The overall decline in NFT sales volume suggests that the market is facing challenges, but the increasing adoption and innovation within the space indicate a promising future for blockchain technology and its applications.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
