Bitcoin Ordinals Continue to Dominate Network Activity
Data shows that nearly 85% of network activity on Bitcoin is related to Ordinals, despite the decrease in Bitcoin’s price and the decline in hype around Bitcoin NFTs.
Key Points:
– On August 21st, Bitcoin Ordinals developer Leonidas reported that out of 530,788 transactions in the past 24 hours, 450,785 were related to Ordinals.
– Data from Dune Analytics and Bitinfocharts also support the trend, with over three-quarters of activity on the Bitcoin network being Ordinals-related.
– Industry researcher Eric Wall stated that 54% of transactions on the Bitcoin network in the past week were Ordinals or related to Ordinals.
– DappRadar’s report on August 17th claimed that Bitcoin Ordinals sales volume had dropped by 98% since May, but it did not consider the high inscription activity on the Bitcoin network.
– The Bitcoin community is divided on whether NFTs should be on the Bitcoin network, with some viewing Bitcoin as “digital gold” and others seeing it as a store of value.
Hot Take:
Despite concerns about the sustainability of Bitcoin Ordinals and the decline in NFT sales volume, the high level of Ordinals-related activity on the Bitcoin network suggests that Ordinals are still a significant part of the crypto ecosystem. The debate within the Bitcoin community about the role of NFTs on the network will likely continue, and the coming months will be crucial in determining the future of Bitcoin in the NFT landscape.
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