Bitcoin Ordinals NFT Market Plummets 98% - What's Next?

Bitcoin Ordinals NFT Market: Is the 98% Trading Volume Plunge a Temporary Blip or a Systemic Challenge?

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Bitcoin Ordinals NFT market experiences a staggering 98% drop in trading volume since May.

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DappRadar's Aug. 17 report reveals a drastic decline in user activity and sales volume.

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Peak sales volume of $452 million in May plunges to just $3 million by mid-August.

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Concurrently, the number of Bitcoin Ordinals transactions drops by around 97% to 20,571 in the same period.

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The sharp decline raises concerns about waning enthusiasm and confidence in Bitcoin NFTs.

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A consistent drop in transaction count may signify broader issues, potentially affecting Bitcoin Ordinals' longevity and relevance in the NFT space.

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Uncertainty surrounds whether this decline is a temporary setback or a systemic problem for Bitcoin-based NFTs.

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Debate within the Bitcoin community persists on the role of NFTs, contrasting "digital gold" with Ethereum's "digital oil."

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The coming months will be crucial in determining Bitcoin's position in the evolving NFT landscape.

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Despite challenges, Bitcoin Ordinals ranks seventh in NFT sales volume over the past 30 days, facing stiff competition from Ethereum and other blockchains.

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