Nfts
NFT sales on Bitcoin exceed those on the Ronin blockchain
Today, for the first time, NFT sales on Bitcoin since their launch last year with the Ordinals protocol, exceeded the threshold of $4.27 billion, surpassing historical sales recorded by the Ronin blockchain.
This is an incredible result considering that non-fungible tokens developed on Bitcoin completely lack utility and integration with real products, while those on Ronin engage in a much more dynamic gaming context.
Let’s see all the details below.
NFT on Bitcoin: sales of $4.27 billion, higher than those of Ronin
According to data reported by the CryptoSlam platform, the so-called “all-time sales” (i.e. sales since day 0) of NFTs developed on Bitcoin have exceeded those recorded by the Ronin blockchain.
It should be noted that the latter, known for hosting the game, Axie Infinite so loved by the Filipino population, was born in March 2018 while Bitcoin only started minting NFTs from January 2023.
In just 18 months, the trend of non-fungible tokens on the crypto world’s leading crypto network, which emerged thanks to the introduction of the Ordinals protocol, has led to total sales of $4.278 billionincluding $84,000 from wash the trade activities, with the threshold of 4 billion reached on June 4, 2024.
The Ronin channel has recorded a turnover of 4.271 billion dollars until today, falling to 4th position in the ranking of the most profitable networks of all time in this regard.
Now on the podium above Bitcoin, only Solana remains with historic volumes of $5.6 billion, and Ethereum with $43.8 billion.
Source: https://www.cryptoslam.io
Despite the milestone, the broader NFT market has seen very low sales volumes in recent months, with sharp drop in numbers in May compared to April.
Over the past 30 days, data showed a 51.3% decline, bringing total sales to $525 million.
The Bitcoin blockchain is not missing from the list of networks that have experienced a drop in trading activity: NFT sales on the orange chain yesterday fell below the threshold of 2.5 million dollars per daymarking one of the lowest values since November 2023.
Below is the chart of the trading trend of non-fungible tokens on the Bitcoin network.
Despite this, even in the monthly ranking Bitcoin is positioned in 2nd place with 148 million dollars, even surpassing Solana which, in the same period, recorded only $77 million.
At this point, Ronin falls to 9th position with a total of $3.3 million, an incredibly low value when compared to the record set in August 2021, when the channel processed NFT sales for over $869 million. dollars.
Non-fungible tokens developed on Bitcoin lack utility and are not related to the blockchain gaming sector
While NFTs on Bitcoin perform better than other non-fungible tokens developed on different blockchains, some observe that these lack utility and represent a degrading practice for the world’s most famous and decentralized crypto network.
On this subject, Jeff Zirlin, co-founder of Sky Mavis, the team behind the Ronin network, believes that NFTs created on Bitcoin thanks to “digital artifacts” of Ordinary, do not have typical adoption of resources related to gaming ecosystems. Here are his words in a recent interview:
“We haven’t paid too much attention to Bitcoin NFTs because they are still primitive and have nothing to do with gaming. In general, greater adoption of NFTs is a good thing and we are more competitive with ecosystems specifically focused on gaming.
In fact, NFTs on Bitcoin benefit above all from the reputation of the underlying asset blockchainbut they do not introduce anything new to the on-chain financial sector and are not an integral part of gaming systems like Ronin with Axie Infinity.
Zirlin then highlighted how the recent decline in sales volumes recorded behind its own infrastructure is justified by an increase in the costs of acquiring new users.
In the future, public incentives and relationships established with the community will enable more sustainable games and more solid financial revenues.
So you want to play a… crypto game?
Good news, the @Ronin_Network have you covered!
From highly competitive shooters to super casual shooters to farming simulations, gamers around the world are starting to find their place in this L2.Let’s dive into some of the games and… pic.twitter.com/rlO3ScWxRn
– Tr3vor (@tr3vorx) June 10, 2024
Ordinals technology, primitive as it is, has been praised by maximalists. Michael Saylor as a real innovation, to the point of pushing him to create a decentralized identity service called “MicroStrategy Orange”.
However, real Bitcoin experts, like the developer of BullBitcoin.com, believe that ordinals and their NFTs are one of the stupidest things ever invented so far.
Often these resources are then linked to crypto scams and scam of various types, or to structures for laundering money from illegal activities.
Using signups to create digital IDs on Bitcoin is so delayed that I don’t worry about it going away. Saylor does it because the folks at BMag touted inscriptions as cool, cutting-edge technology.
This is even dumber than ordinals because at least with ordinals you can do scams.
– FRANCIS – BULLBITCOIN.COM (@francispouliot_) May 2, 2024
If we then return to the discussion of “utility” and integration into the gaming sector, it becomes evident how NFTs on Bitcoin have no value other than that linked to stock market speculationbecause they are not technologically more advanced compared to NFTs developed on EVM networks and have no use in the real world.
Furthermore, we remind you that this type of resource obstructs the memory pool of Bitcoin and significantly increase the network’s gas cost, providing a limited user experience, in exchange for a slight increase in profitability for miners.
Bitcoin was created as a layer for the trustless transfer of BTC currency, and it should, in the opinion of many experts, remain so with the aim of increasing privacy, scalability and decentralization rather than be used in much more specialized contexts.