Bitcoin NFTs have surpassed Ronin in all-time sales volume, marking a significant milestone for the cryptocurrency. According to data from NFT tracker CryptoSlam, Bitcoin NFTs have reached a record sales volume of $4.29 billion, overtaking Ronin’s previous record of $4.27 billion.
This achievement can be attributed to the growing adoption and active community surrounding Bitcoin NFTs. Despite trailing behind Ethereum and Solana, whose all-time highs are $43.9 billion and $5.6 billion respectively, Bitcoin’s rise in the NFT market is notable.
Over the past week, Bitcoin NFTs saw $22 million in sales, coming in second only to Ethereum with $36.8 million in sales. Polygon and Solana followed closely with $20.6 million and $14.5 million in sales respectively. Despite a recent drop in overall NFT sales by 38.71%, Bitcoin has seen a surge in active traders, with 26,000 active traders representing a 298% increase compared to the previous week.
This latest milestone follows Bitcoin’s recent achievement of surpassing $4 billion in all-time NFT sales. The surge in sales has also led to concerns about the limitations in Bitcoin’s growth potential. High transaction fees, network congestion, and environmental impact due to its proof-of-work consensus mechanism are some of the challenges facing Bitcoin NFTs.
Despite these challenges, the popularity of Bitcoin NFTs continues to rise, showcasing its potential in the NFT market. With a sales volume of $4,288,251,273 from 555,295 buyers, Bitcoin NFTs are making a significant impact in the cryptocurrency world.