Bitcoin NFTs Overtake Ronin in All-Time Sales Volume

cryptonews.com:

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 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