Bitcoin’s NFT Sales Decline Amid 20 Million Ordinal Inscriptions
Bitcoin’s Ordinal inscriptions, which allow users to attach information to individual satoshis, reached over 20 million, making it the second-largest blockchain in weekly NFT sales. However, in the week from July 22 to July 29, Bitcoin-centric NFT sales dropped by 35.22%, totaling $4.54 million. This pushed Bitcoin to seventh place, below Polygon, while Solana secured the second-place spot with $6.61 million in NFT sales. Only two Ordinals made it to the top 20 priciest sales. Data from Dune Analytics shows a decline in volumes since mid-July for marketplaces engaged in Ordinal trades.
Main breakdowns:
- Bitcoin’s Ordinal inscriptions reached over 20 million
- In the week of July 22-29, Bitcoin NFT sales dropped by 35.22%
- Bitcoin ranked seventh in NFT sales, below Polygon
- Solana secured second place with $6.61 million in NFT sales
- Only two Ordinals made it to the top 20 priciest sales
While Bitcoin’s NFT sales decline, other blockchains have seen an increase, with this week’s overall seven-day sales figures rising by 8.43% compared to the previous week. The unpredictable nature of NFT markets makes it uncertain whether Bitcoin’s falling NFT sales will continue or reverse in the coming weeks.
Hot Take:
Bitcoin’s recent decline in NFT sales highlights the competitive nature of the market, with other blockchains gaining momentum. As the NFT landscape evolves, it remains to be seen whether Bitcoin can regain its position or if other platforms will continue to dominate.
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