The Decline of Bitcoin Ordinals Sales Volume
The fervor that surrounded Bitcoin Ordinals seems to have waned, with sales volume dropping more than 97% from its all-time high in May 2023. Bitcoin Ordinals have seen a sharp decline in sales volume from its peak of $452 million recorded in May 2023 to $3 million in mid-August, signaling a 97% drop within three months, according to a report by DappRadar.
A 97% Crash Within 3 Months
- Bitcoin Ordinals’ sales volume started declining in June, falling 76.5% to $100 million.
- In July, sales volume plunged 66.9% to $35 million.
- Data for August shows a 91.4% drop in sales to $3 million.
- Transactions have also reduced since May, with a 88.1% drop in August.
- Bitcoin Ordinals have been hit worse compared to other blockchains like Ethereum and Polygon.
Is Bitcoin Ordinals Dead?
The decline in sales volume and transactions raises questions about the sustainability of Bitcoin Ordinals in the NFT sector. While some speculate that Bitcoin Ordinals are dead due to the sharp decline, others argue that it is still too early to call it a failure. Some community members believe that the early hype around Bitcoin Ordinals was too big for it to last long. However, there are those who think that Bitcoin should remain a store of value while Ethereum runs the digital economy.
Vitalik Buterin’s Perspective
Ethereum co-founder Vitalik Buterin praised Bitcoin Ordinals in July, stating that it brought back the “culture of actually doing things” on the network.
Hot Take
The decline in sales volume and transactions for Bitcoin Ordinals raises concerns about its future in the NFT sector. While some believe it is too early to call Bitcoin Ordinals a failure, others argue that it was a result of the earlier hype and that Bitcoin should focus on its role as a store of value. The contrasting opinions highlight the ongoing debate about the potential and purpose of Bitcoin Ordinals in the crypto market.
By
By
By
By
By