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Bitcoin Blockchain now holds the third highest NFT sales of all time
The Bitcoin network is breaking records beyond its native asset, BTC, reaching prices never seen by other cryptocurrencies. It is now one of the top three NFT ecosystems by sales generated through all-time sales volume, reaching $4,271,928,280 and pushing the Ronin chain into fourth place.
As protocols like Ordinals and Rune bring new use cases to the legacy chain, Bitcoin has transformed into an established NFT ecosystem. Enthusiasts are flocking to the first-ever blockchain to get their hands on NFTs, allowing it to surpass its counterparts that were offering NFTs long before Bitcoin.
Ethereum, the network where NFTs first saw the light of day, leads every blockchain in terms of sales volumes for this type of asset, valued at $43,861,912,400. Solana takes second place with $5,603,556,704. Ronin, the third-place chain until Bitcoin took over, recorded $4,271,677,108.
In the last month alone, Bitcoin NFT trading accounted for about $148 million, falling behind Ethereum’s $157 million but surpassing Solana, which reported $77 million.
Bitcoin’s rise in the NFT sphere is commendable, but the utility of its NFTs is limited. Unlike other chains that support applications like gaming, where NFTs find crucial implementations, Bitcoin cannot do the same. Its design does not support dApps and smart contracts. Additionally, NFTs on it see implementation differently than other networks. Therefore, these assets remain marketable commodities that derive value through hype.
On the other hand, Ronin integrates the asset type into games, supporting NFT value through gameplay and game mechanics. Axie Infinity, one of the most popular on-chain games distributed on Ronin, uses NFT collectibles allowing them to derive value through gameplay. Besides that, other applications take advantage of NFT capabilities and use its versatile functionality to support their NFTs with factors more than just advertisements. Bitcoin NFTs do not yet have this option.
Image by Pete Linforth from Pixabay