Ronin Blockchain Surpasses $4 Billion in All-Time NFT Sales Volume

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Ronin reached a new milestone in the non-fungible token (NFT) sector, only surpassing Ethereum as the largest blockchain by sales volume to date.

Ronin is one of the most popular blockchains when it comes to play-to-earn games that involve buying, holding and selling digital collectibles.

Sky Mavis, the company behind the wildly popular play-to-earn game Axi Infinity, created Ronin in 2020 after realizing that Ethereum’s base layer was too slow and expensive to handle the transactions needed to power the game.

According to Happen[In]crypto Research, Ronin’s total sales volume as of June 5 was approximately $4.07 billion.

This comes as a massive boost to the entire ronin ecosystem after its coin, RON, fell to new highs in the May market crash. This caused the market capitalization to drop below $70 million.

This milestone puts Ronin ahead of Solana, Flow, Polygon, Wax, Avalanche, Immutable X, Palm, Tezos, Panini and Binance Smart Chain (BSC).

Source: Blockchain by Cryptoslam All-Time NFT Sales Volume

What are the reasons for the increase in Ronin’s sales volume?

Considering the increase in the number of unique buyers since August, the increase in sales pushed the chain’s total number of transactions to 305,127 unique buyers and 1,853,437 transactions.

Ronin had an all-time high with monthly sales volume of approximately $848.24 million over the same period.

Source: Ronin August Monthly Sales Volume by Cryptoslam

The majority of this volume has come from the biggest play-to-earn game, Axie Infinity. Other months that contributed significantly to Ronin’s sales were July ($666.17 million), September ($518.87 million), October ($545.79 million), and November 2021 ($754.76 million).

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RON became a crypto trading asset in January 2022. It opened at $3.56 on January 27, reached an all-time high (ATH) of $4.32 on the same day, and tested a low of $0.4275 on May 27.

At the time of writing, the coin was worth $0.4700. Overall, this equates to a decline of 87% throughout 2022.

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