Bitcoin NFTs surpass Ronin in all time sales
The Bitcoin network has risen one place in the all-time NFT sales rankings, surpassing the Ronin blockchain, which previously held the third highest NFT sales record.
On June 18, NFT data tracker CryptoSlam recorded an all-time high of $4,271,928,280 worth of Bitcoin-based NFTs. This surpasses Ronin Blockchain's record of $4,271,675,550, moving Bitcoin into the top three leading blockchain networks after Solana and Ethereum.
Over the past 30 days, Bitcoin-based NFTs have recorded a turnover of $148 million. This puts them in the top two positions for the month, followed by Ethereum, which had a volume of $157 million. Solana followed closely behind at around $77 million.
Despite recording millions in sales revenue, NFTs have experienced a decline in volume, with the top three chains reporting at least a 40% drop in 30-day sales, according to CryptoSlam.
Bitcoin NFTs are still “ancient”.
In the statement, the team behind the Ronin network, Sky Mavis co-founder Jeff Zirlin, believes that further adoption of NFT is good. The executive told Cointelegraph that they are not focusing on Bitcoin, but competing with blockchain gaming ecosystems. Zirlin said:
“We haven't paid much attention to Bitcoin NFTs because they are still primitive and unrelated to gaming. Overall, greater adoption of NFTs is good and we are more competitive, especially in gaming-focused ecosystems.
Zirlin believes that gaming is now “in a state of evolution.” The co-founder of Sky Mavis explained that strategies that previously worked for gaming companies are starting to show diminishing returns due to increased user acquisition costs.
“Web3 offers an alternative way to create long-lasting games with your core audience using incentive and ownership-based revenue models,” Zirlin added.
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Bitcoin NFTs all time sales reached 4 billion dollars
On June 4, CryptoSlam data showed that the all-time sales volume of Bitcoin-based NFTs reached $4 billion. The data combines NFT sales of $3.97 billion and bath sales of more than $80 million.
Despite the new phase, the broader NFT market recorded low sales volumes. There is a 54% decrease in monthly NFT sales volume in May compared to April. NFTs saw sales of over $1 billion in April, while the digital collectibles industry recorded $624 million in May.
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