By
Chimamanda U. Martha
June 28th, 2024
The NFT market faced a significant reduction in trading volumes as compared to the 2021 bull market when the popularity of these tokens was at its peak.
Bitcoin has surpassed the Ronin blockchain to claim the third-highest record for all-time non-fungible token (NFT) sales, moving up in the all-time NFT sales rankings. This development, confirmed by NFT data tracker CryptoSlam on June 18, marks a pivotal moment for Bitcoin-based NFTs.
It is important to note that Bitcoin NFTs recorded an all-time sales volume of $4,271,928,280, breaking out the Ronin blockchain’s record of $4,271,675,550 and pushing the leading cryptocurrency to the top three leading blockchain networks for NFT sales, following Ethereum and Solana.
Over the past 30 days, NFTs based on the Bitcoin blockchain have amassed a sales volume of $148 million, securing the second spot for the month. On the other hand, Ethereum leads with $157 million in sales, while Solana is ranked third with approximately $77 million in sales.
The NFT market faced a significant reduction in trading volumes as compared to the 2021 bull market when the popularity of these tokens was at its peak. As per CryptoSlam, Ethereum, Solana, and Bitcoin have shown at least a 40% decrease in 30-day sales.
A 54% drop in monthly NFT sales volume was witnessed from April to May. April recorded over $1 billion in sales, while May saw a reduced volume of $624 million. As reported earlier, Bitcoin-based NFT collection NodeMonkes witnessed a huge increase in March, hitting over $11.4 million in sales volume, hitting an all-time high.
Sky Mavis Co-Founder Shares Insight
Jeff Zirlin, co-founder of Sky Mavis, the team behind the Ronin network, acknowledged the growth of Bitcoin NFTs, adding that his team’s focus remains on blockchain gaming ecosystems. In an interview, Zirlin noted that Bitcoin NFTs, though gaining traction, are still “primitive” and not directly related to gaming.
“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 said.
Zirlin highlighted the ongoing evolution in gaming, where traditional strategies are yielding diminishing returns due to rising user acquisition costs. He sees Web3 as a promising alternative, offering longer-lasting games through incentive alignment with core audiences and ownership-based revenue models.
The recent success of Bitcoin NFTs comes amidst a broader context of fluctuating market dynamics. On June 4, CryptoSlam data revealed that Bitcoin-based NFTs hit $4 billion in all-time sales volume, combining $3.97 billion in legitimate sales and over $80 million in wash sales.