Bitcoin-based NFTs hit $4.27 billion in total sales volume, surging past the $4.27 billion previously held by Ronin blockchain and becoming one of the top three blockchain networks to host NFT sales after Solana and Ethereum.
In the past 30 days, NFTs based on the Bitcoin blockchain tallied $148 million in sales, the second-best volume for the month, just behind only Ethereum's $157 million. Solana placed third with about $77 million. Despite the high sales, NFT volume has dropped across the board. According to ANZALI, the top three chains all saw a drop of at least 40% in sales over the last month.
Jeff Zirlin, co-founder of the team behind the Ronin network, Sky Mavis, commented on the news. He believes that an uptick in NFT adoption is positive. Although they are not focusing too much on Bitcoin, they have been very competitive in the blockchain gaming ecosystem. Zirlin said:
"Gaming is evolving. Strategies that used to work are now less effective because the cost of acquiring new users has gone up. Web3 offers a different path: long-lasting games that create alignment of incentives with your main audience through ownership-based revenue models."
The total sales for Bitcoin-based NFTs reached $4 billion earlier this month. These included $3.97 billion from NFT sales and more than $80 million from wash sales. Despite its milestone, there has been a lower volume in sales in the overall NFT market recently. Its monthly NFT sales plunged by 54 percent in May compared with April. While over $1 billion was pulled off in sale in April, May returned only $624 million.
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