- Bitcoin has worked its way into the top three networks for all-time NFT sales, leapfrogging Ronin over the past seven days.
- The move comes on the increased popularity of Ordinals and greater push toward making Bitcoin a DeFi ecosystem, rather than a store/exchange of value.
- Bitcoin recorded nearly $150m of NFT sales volume in the past month, nearly double that of the third-best performer Solana.
- Despite Bitcoin’s performance, NFTs are still struggling to adapt to the current market.
Bitcoin NFTs are coming. The legacy blockchain, built upon Satoshi Nakamoto’s vision nearly 15 years ago, has transformed rapidly this decade.
It was only 48 months ago that the mere mention of a Bitcoin NFT would result in someone scoffing at you. And yet, with the advent of Ordinals and new infrastructure aimed at creating a Bitcoin DeFi ecosystem, the blockchain has risen to #3 on all-time NFT sales.
Related: Market Shake-Up! Crypto’s TOTAL Market Cap Drops 8% While Bitcoin Eyes $60,000
All-Time Bitcoin Sales Breach US $4 Billion
Bitcoin’s sales between May and June 18th surpassed US $148m (AU $221m), marking one of the most successful months on record for the network. For contrast, this was nearly double Solana’s monthly sales – a shocking result, given each network’s traditional association with NFTs and other DeFi products.
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Put it all together, and in a short span of time Bitcoin has raced into the top three for all-time NFT sales. Volume since inception now sits at US $4.2b (AU $6.3), resulting in the blockchain leapfrogging the now fourth-most popular NFT network, Ronin.
Responding to the news, the CEO of Sky Mavis (and creators of Ronin) was unperturbed that their project had fallen behind Bitcoin in the rankings.
We haven’t been paying too much attention to Bitcoin NFTs because they are still primitive and unrelated to gaming. In general, more adoption of NFTs is good and we’re more competitive with ecosystems that focus specifically on gaming.
Jeff Zirlin
NFTs Struggling Despite Bitcoin’s Power
Despite Bitcoin’s prominence of late, NFTs are still struggling to find their footing in 2024. May was a particularly harsh month for the industry, with sales down 54% month-on-month. According to NonFungible, raw NFT sales (in terms of number, rather than USD) are at their lowest point in over a year.
Source:NonFungible
Yet, Bitcoin’s surge into the NFT landscape demonstrates the power and volume such a revered blockchain can command. With more development coming to the DeFi ecosystem, the network’s entry might just be what the digital collectible world needs.
