The Bitcoin network has made a significant mark in the NFT industry, ranking third in all-time sales. Data from NFT tracker CryptoSlam shows that as of June 18, Bitcoin-based NFTs have reached a total sales volume of $4.29 billion, surpassing the previous record held by the Ronin blockchain ($4.27 billion).
Bitcoin’s New Milestone
This development places Bitcoin behind only Ethereum and Solana in the rankings, with Ethereum maintaining a dominant lead at $43.8 billion in sales and Solana following with $5.6 billion.
Over the past 30 days, Bitcoin-based NFTs amassed a sales volume of $148 million, securing the second spot for the month. Ethereum led the pack with $157 million in sales, while Solana ranked third with approximately $77.5 million in sales.
Recent Sales Performance
Despite the impressive rise of Bitcoin NFTs, the overall NFT market has seen a significant reduction in trading volumes compared to the 2021 bull market. A sharp decline of 54% in monthly sales volume was observed from April to May, with April recording over $1 billion in sales and May seeing a reduced volume of $624 million. In the past 24 hours alone, NFT sales dropped by 38.71%, contrasting with the previous week’s 17% increase.
The popularity of Bitcoin NFTs could be attributed to its increasing adoption and the vibrant community surrounding it. In the last seven days, sales of Bitcoin NFTs amounted to just over $20 million, with over 24,000 active traders. Polygon and Ethereum also saw notable sales, with $23.8 million and $38.5 million, respectively.
Bitcoin Ordinals
Bitcoin NFTs, referred to as Ordinals, are a form of non-fungible token engraved directly onto the Bitcoin blockchain. This is made possible through the Ordinals protocol, which allows an exclusive serial number to every satoshi (the tiniest fraction of Bitcoin) and enables information to be connected. This information can range from images and videos to audio files and text.
Despite the increased demand, Bitcoin NFTs encounter numerous obstacles, such as steep transaction fees that result in higher costs when compared to Solana and Ethereum alternatives.
Credit: Source link
