The Bitcoin network has recently moved up in the all-time non-fungible token (NFT) sales rankings, surpassing the Ronin blockchain, which previously held the third-highest record for all-time NFT sales.
On June 18, NFT data tracker CryptoSlam revealed that Bitcoin-based NFTs achieved an all-time sales volume of $4,271,928,280.
This surpasses Ronin blockchain’s record of $4,271,675,550, elevating Bitcoin to the top three leading blockchain networks for NFT sales, alongside Solana and Ethereum.
In the past 30 days, Bitcoin-based NFTs recorded a sales volume of $148 million, placing them in the top two for the month, following Ethereum, which had a volume of $157 million.
Solana came in close with around $77 million.
Despite these impressive figures, NFTs experienced a downturn in volume, with the top three chains showing at least a 40% decline in 30-day sales, according to CryptoSlam.
Bitcoin NFTs are still “primitive”
Jeff Zirlin, co-founder of Sky Mavis, the team behind the Ronin network, believes that increased NFT adoption is beneficial.
He told Cointelegraph that while they haven’t focused much on Bitcoin, they remain competitive within blockchain gaming ecosystems.
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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 also noted that gaming is “in a state of evolution” now.
He explained that traditional strategies for gaming companies have begun to show diminishing returns due to rising user acquisition costs.
“Web3 offers an alternate path, one that creates longer-lasting games via incentive alignment with your core audience and ownership-based revenue models,” Zirlin added.
On June 4, CryptoSlam data indicated that Bitcoin-based NFTs hit $4 billion in all-time sales volume. This data combined $3.97 billion in NFT sales and over $80 million in wash sales.
Despite these milestones, the broader NFT market saw a decline in sales volumes.
There was a 54% drop in monthly NFT sales volume in May compared to April, with NFTs achieving over $1 billion in sales in April, while the digital collectibles industry recorded $624 million in May.
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