Nfts
Bitcoin Blockchain Now Holds Third Highest NFT Sale of All Time
The Bitcoin network is breaking records beyond its native asset, BTC, reaching prices never seen by other cryptos. It is now one of the top three NFT ecosystems in terms of sales generated by historic sales volumes, 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 existing chain, Bitcoin has transformed into an established NFT ecosystem. Enthusiasts are turning to the first-ever blockchain in droves to get their hands on NFTs, allowing it to surpass its counterparts who were offering NFTs long before Bitcoin.
Ethereum, the network where NFTs first emerged, leads all blockchains 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-largest chain until Bitcoin took over, recorded $4,271,677,108.
In the last month alone, NFT trading on Bitcoin accounted for approximately $148 million, behind Ethereum’s $157 million but outperforming Solana, which recorded $77 million.
Bitcoin’s rise in the NFT sphere is laudable, but the utility of its NFTs is limited. Unlike other chains supporting applications such as gaming, where NFTs find crucial implementations, Bitcoin cannot do the same. Its design does not support dApps and smart contracts. In addition, NFTs see deployment differently than on other networks. Thus, these assets remain tradable commodities that derive value from hype.
On the other hand, Ronin integrates the asset type into the game, supporting NFT value through gameplay and game mechanics. Axie Infinity, one of the most popular on-chain games deployed on Ronin, uses the items NFT collectibles by allowing them to derive value through gameplay. Beyond that, other applications are capitalizing on NFT capabilities and using its versatile features to support their NFTs with factors beyond hype. NFTs on Bitcoin do not yet have this option.
Image of Pete Linforth Since Pixabay