Bitcoin Ordinals NFT Market: Is the 98% Trading Volume Plunge a Temporary Blip or a Systemic Challenge?
Bitcoin Ordinals NFT market experiences a staggering 98% drop in trading volume since May.
DappRadar's Aug. 17 report reveals a drastic decline in user activity and sales volume.
Peak sales volume of $452 million in May plunges to just $3 million by mid-August.
Concurrently, the number of Bitcoin Ordinals transactions drops by around 97% to 20,571 in the same period.
The sharp decline raises concerns about waning enthusiasm and confidence in Bitcoin NFTs.
A consistent drop in transaction count may signify broader issues, potentially affecting Bitcoin Ordinals' longevity and relevance in the NFT space.
Uncertainty surrounds whether this decline is a temporary setback or a systemic problem for Bitcoin-based NFTs.
Debate within the Bitcoin community persists on the role of NFTs, contrasting "digital gold" with Ethereum's "digital oil."
The coming months will be crucial in determining Bitcoin's position in the evolving NFT landscape.
Despite challenges, Bitcoin Ordinals ranks seventh in NFT sales volume over the past 30 days, facing stiff competition from Ethereum and other blockchains.