By non-fungible token (NFT) sales rankings, the Bitcoin (BTC) network rose to third position on June 18 in the all-time blockchains. Bitcoin NFTs exceeded the record of $4.27 billion on the Ronin blockchain by reaching an all-time sales volume of $4.29 billion, according to data from NFT tracker CryptoSlam.
The main drivers of Bitcoin NFT sales have been growing acceptance and an active community. Bitcoin NFTs follow only Ethereum and Solana, whose all-time highs are $43.9 billion and $5.6 billion, respectively. The rising demand for Bitcoin NFTs has greatly aided in achieving this new ranking.
With sales of $22 million reported during the past week, Bitcoin NFTs came second behind Ethereum’s $36.8 million. Polygon and Solana followed with $20.6 million and $14.5 million, respectively. Though NFT purchases have surged, the market has seen significant losses; NFT sales dropped by 38.71% in the past 24 hours, a marked departure from the 17% growth of last week.
Bitcoin NFTs Experience Surge In Active Traders Despite Market Decline
Though the general sales declined, BTC had 26,000 active traders—a 298% increase over last week. This milestone comes after Bitcoin’s recent triumph in all-time NFT sales exceeding $4 billion. BTC NFTs passed the $4 billion milestone on June 4, according to CryptoSlam statistics, which revealed total sales of $3.97 billion and over $80 million in wash trading revenues.
Wash trading where someone or an institution buys and sells the same NFT numerous times is used to create the impression of increased trading volume and value. At press time, BTC had 555,295 clients, a wash volume of $84,184,160, and a sales volume of $4,288,251.
Though they are behind Solana’s $5.6 billion and Ethereum’s $43.9 billion in all-time NFT sales, Bitcoin NFTs are swiftly growing in popularity. Though occasionally outperforming the Ethereum blockchain in daily or weekly sales, like in March 2024 when BTC NFTs exceeded Ethereum with about $168 million in weekly sales compared to Ethereum’s $162 million, they have faced limitations to their expansion.
A big issue has been high transaction costs, so BTC NFTs cost more than their Solana and Ethereum counterparts. Moreover, network congestion influences the blockchain, especially during peak hours, which results in longer confirmation delays.
For instance, Binance halted transactions on May 7, 2023, owing to congestion and high expenses resulting from 400,000 outstanding transactions on the BTC network, brought on by normal confirmation times of more than ten minutes. The outstanding transaction count by September 9, 2023, had climbed to around 560,000.
Moreover, Bitcoin’s proof-of-work consensus approach has environmental problems, as its energy-intensive operation produces carbon emissions.
Notwithstanding these challenges, BTC NFTs’ fast growth and increasing popularity point to their opportunities in the evolving scene of digital assets. The blockchain community keeps searching for solutions to maintain momentum in NFT adoption and sales and tackle challenges.
