Bitcoin NFTs Overtake Ronin in All-Time Sales Volume
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On June 18, the Bitcoin (BTC) network moved to third place in the all-time blockchains by non-fungible token (NFT) sales rankings.
Data from NFT tracker CryptoSlam revealed that Bitcoin NFTs reached an all-time sales volume of $4.29 billion, overtaking the Ronin blockchain’s record of $4.27 billion.
Growing adoption and an active community have been major factors driving the sales of Bitcoin NFTs.
Bitcoin NFTs Records $4.285B All-Time Sales
Bitcoin NFTs now trail NFT heavyweights Ethereum and Solana, whose ATH are $43.9 billion and $5.6 billion respectively.
This Bitcoin network’s new ranking has been fueled by rising demand for Bitcoin NFTs.
[CRYPTOSLAM] #Bitcoin Network Climbs to Third Place in All-Time NFT Sales, Surpassing #Ronin Blockchain pic.twitter.com/CHWozPdUKj
— BecauseBitcoin.com (@BecauseBitcoin) June 18, 2024
Bitcoin NFTs saw $22 million in sales over the past week, taking second place behind Ethereum’s $36.8 million. Polygon and Solana followed with $20.6 million and $14.5 million, respectively.
Despite a sharp rise in NFT purchases, the market has recorded major losses. According to CryptoSlam, NFT sales dropped by 38.71% in the past 24 hours, a stark contrast to the previous week’s 17% increase.
However, despite the drop in overall sales, Bitcoin saw 26K active traders, a 298% rise compared to last week.
This latest milestone follows Bitcoin’s recent achievement of surpassing $4 billion in all-time NFT sales.
On June 4, CryptoSlam data showed that Bitcoin NFTs had a combined $3.97 billion in sales and over $80 million in wash trading sales, pushing it past the $4 billion mark.
Wash trading involves an individual or entity buying and selling the same NFT multiple times to create the illusion of higher trading volume and value.
At press time, Bitcoin has recorded a sales volume of $4,288,251,273 from 555,295 buyers, with a wash volume of $84,184,160.
Bitcoin NFTs Challenges Despite Growth Potential
Bitcoin NFTs are rapidly increasing in popularity, but the blockchain still trails Solana’s $5.6B and Ethereum’s $43.8B in all-time NFT sales.
Although Bitcoin occasionally outpaces the Ethereum blockchain in daily or weekly sales, as recorded in March 2024 when Bitcoin NFTs eclipsed Ethereum with over $168 million in weekly sales. Ethereum recorded NFT sales of $162 million in this same period.
Despite increasing sales, they have faced some limitations to their growth in the past.
One such issue was the high transaction fees, which made them expensive compared to their Solana/Ethereum alternatives.
Bitcoin fees are crazy high all of a sudden. Here's what's going on 👇
People are using Bitcoin. Bitcoin is a UTXO model, so when people use Bitcoin, UTXOs need to be broken up or combined, like hundred dollar bills that need to be broken up into $1, $5, $20 bills or smaller… pic.twitter.com/jinbJR0BCF
— danny huuep (@huuep) June 7, 2024
Additionally, network congestion also plagued the blockchain, especially during peak periods. There were calls from certain parts of the community that warned that NFTs could clog up the network, leading to longer confirmation times.
There are 400,000 pending transactions on the bitcoin network and binance halted transactions due to the congestion and high fees
I’ve been warning people of this for months and the righteous bitcoin maxis have kept their mouths shut because they can’t admit bitcoin has any… pic.twitter.com/jIopTRj7j8
— Crypto Tea (@CryptoTea_) May 7, 2023
For instance, on May 7, 2023, there were 400,000 pending transactions on the Bitcoin network, causing Binance to halt transactions due to congestion and high fees. By September 9, 2023, the number of pending transactions had risen to approximately 560,000, with average confirmation times exceeding 10 minutes.
Additionally, Bitcoin’s proof-of-work consensus mechanism raises concerns about its environmental impact, as the energy-intensive process contributes to higher carbon emissions.
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