Bitcoin Ordinals NFT trading volume tanks 98% since May — DappRadar

In an Aug. 17 report, DappRadar highlighted its information revealing that the overall Bitcoin Ordinals sales volume had actually reduced from peak levels of $452 million in May to roughly $3 million as of Aug. 14. “This high decrease in both sales volume and count within such a short period is worrying for Bitcoin Ordinals. The diminishing sales count highlights the waning interest or maybe self-confidence in Bitcoin NFTs,” the report noted, including that:” While changes in sales volume could be associated to market dynamics, a constant decrease in transaction count might point toward wider problems.

The decrease comes after a hype-filled second quarter for Bitcoin Ordinals, which saw trading volumes and user activity escalate compared to Q1. Related: Bitcoin Ordinals group launches nonprofit to grow protocol development”There are voices within the community that see Bitcoin mostly as digital gold, suggesting that its primary function ought to stay as a store of value.”According to CryptoSlam information, the Bitcoin network is presently ranked seventh in terms of NFT sales volume over the past 30 days with $14.6 million produced from 21,989 buyers.

In an Aug. 17 report, DappRadar highlighted its data showing that the total Bitcoin Ordinals sales volume had reduced from peak levels of $452 million in May to approximately $3 million as of Aug. 14. “This high decline in both sales volume and count within such a brief duration is alarming for Bitcoin Ordinals. Related: Bitcoin Ordinals group releases nonprofit to grow procedure development”There are voices within the community that see Bitcoin mainly as digital gold, suggesting that its primary function needs to stay as a shop of worth.