The Decline of Trading Volume for Ordinals Tokens
The monthly trading volume for tokens based on the Bitcoin Ordinals protocol has significantly decreased by over 97% since May 2023. This decline raises questions about the future of NFTs on the Bitcoin blockchain.
Main Breakdown:
- Ordinals offer fungible and non-fungible tokens on the Bitcoin blockchain
- Trading volume peaked in May at $452 million
- June saw a 76.5% decline in trading volume
- July and August experienced a further decline in trading volume
- Current data shows a volume of only $3 million, a fall of over 97% since May
This decrease in trading volume could be seen as a signal of declining market interest in Ordinals. The report from DappRadar also highlights the decline in unique active wallets participating in the Ordinals market, further indicating a decrease in market interest.
Hot Take:
The significant decline in trading volume for Ordinals tokens raises concerns about the future of NFTs on the Bitcoin blockchain. This trend suggests a shift in market interest and may impact the viability of NFTs on this particular protocol.
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