As a seasoned crypto investor with a keen interest in NFTs, I find the recent surge in Bitcoin NFT sales truly exhilarating. The fact that Bitcoin has now claimed the third spot in all-time NFT sales, surpassing Ronin, is a significant milestone for the cryptocurrency community.
As a researcher studying the dynamic world of non-fungible tokens (NFTs), I’ve noticed an intriguing development: Bitcoin has recently overtaken the Ronin blockchain to secure the third-highest position in all-time NFT sales, according to the reliable data from CryptoSlam. This shift is a significant milestone for Bitcoin-backed NFTs and underscores their growing popularity and acceptance within the digital art community.
As an analyst, I’d like to highlight that Bitcoin NFTs set a new record in sales volume, reaching a staggering $4,271,928,280. This figure surpassed the previous high on Ronin blockchain by a mere $222,752.55, making Bitcoin one of the top three blockchains for NFT transactions, joining Ethereum and Solana at the forefront of this dynamic market.
As a researcher studying the NFT market over the past 30 days, I have found that Bitcoin-based NFTs accumulated sales of around $148 million, placing them in the second position for the month. In contrast, Ethereum took the lead with impressive sales of approximately $157 million. Solana follows closely behind with roughly $77 million in sales.
The NFT market experienced a noticeable decline in trading activity compared to the 2021 bull market when NFTs gained immense popularity. According to CryptoSlam’s data, Ethereum, Solana, and Bitcoin have all seen a minimum drop of 40% in sales over the past 30 days.
In the span between April and May, there was a notable decrease of approximately 54% in the monthly NFT sales volume. Whereas April boasted sales worth more than a billion dollars, May registered a significantly lower figure of around $624 million in sales volume. Previously, Bitcoin-based NFT collection NodeMonkes experienced a substantial surge in March, recording an impressive sales volume of over $11.4 million and reaching a new peak.
Sky Mavis Co-Founder Shares Insight
As a researcher studying the dynamic world of blockchain technology and non-fungible tokens (NFTs), I’ve come across Jeff Zirlin, co-founder of Sky Mavis, the innovative team behind the Ronin network. In an intriguing interview, Zirlin acknowledged the burgeoning trend of Bitcoin NFTs. However, he emphasized that his team’s primary focus remains on developing blockchain gaming ecosystems. He described Bitcoin NFTs as gaining ground but still considered “primitive,” and not yet directly linked to the gaming sector.
“Zirlin expressed that our team has given less focus to Bitcoin NFTs due to their current rudimentary state and disconnection from the gaming sector. However, an increased usage of NFTs in general is beneficial, and we thrive by specializing in gaming-centric ecosystems.”
Zirlin pointed out how conventional approaches in gaming are becoming less effective due to escalating user acquisition expenses. Instead, he believes that Web3 represents an enticing option. With Web3, games can provide sustained engagement by aligning incentives with their core fan bases and implementing revenue structures based on ownership.
In the past few days, Bitcoin NFTs have experienced remarkable success against the backdrop of shifting market conditions. According to CryptoSlam’s data from June 4, Bitcoin NFTs reached a total sales volume of $4 billion, including approximately $3.97 billion in genuine transactions and more than $80 million in questionable sales.
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2024-06-18 14:57