Bitcoin Ordinals NFT trading volume tanks 98% since May: DappRadar
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 team introduces not-for-profit to grow protocol advancement”There are voices within the community that view Bitcoin mainly as digital gold, suggesting that its main function must remain as a shop of worth.”According to CryptoSlam data, 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.
DappRadar has pointed to an “alarming plunge” in Bitcoin Ordinals nonfungible token user activity, with trading volumes tanking around a massive 98% considering that May. In an Aug. 17 report, DappRadar highlighted its data revealing that the total Bitcoin Ordinals sales volume had reduced from peak levels of $452 million in May to roughly $3 million since Aug. 14. In line with that drop, the variety of deals likewise declined by around 97% to 20,571 within that very same time-frame. Ordinals trading volume and sales count. Source: DappRadar.DappRadar described it as a grim circumstance for the Ordinals market, however did also stress that more time is required to identify whether this is a “short-lived obstacle” or something that represents a “systemic issue of Bitcoin-based NFTs.” “This high decline in both sales volume and count within such a brief duration is worrying for Bitcoin Ordinals. The decreasing sales count underscores the subsiding enthusiasm or possibly confidence in Bitcoin NFTs,” the report kept in mind, including that:” While changes in sales volume might be attributed to market characteristics, a constant decline in deal count may point towards wider issues. It recommends that fewer traders are engaging with Bitcoin Ordinals, which might raise concerns about its longevity and relevance in the NFT space.” Q2 saw a substantial decline in the #NFT market, both in regards to trading volume and active wallets. Among the greatest victims was #Bitcoin Ordinals, with sales down 97% since May. Is this the end of Bitcoin NFTs? DappRadar exploreshttps:// t.co/ v0ouv9uwVJ– DappRadar (@DappRadar) August 17, 2023
In an Aug. 17 report, DappRadar highlighted its data showing that the overall Bitcoin Ordinals sales volume had actually decreased 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 short duration is disconcerting for Bitcoin Ordinals. Related: Bitcoin Ordinals team releases nonprofit to grow protocol advancement”There are voices within the community that see Bitcoin mainly as digital gold, recommending that its primary function must stay as a shop of value.