The trading volume for Bitcoin Ordinals NFT has experienced a staggering decline of nearly 98% since May, sending shockwaves through the crypto community.
The alarming drop in user engagement has raised concerns about the future of this once-thriving market. DappRadar’s recent report sheds light on the extent of this decline and its potential implications for the Ordinals ecosystem.
DappRadar, a trusted source for tracking decentralized applications and NFTs, has revealed that the trading volume for Bitcoin Ordinals NFT has taken a steep nosedive of around 98% since the month of May.
This drastic decrease in trading volume suggests a significant decline in user participation and interest. According to the data provided by DappRadar, the sales volume of Bitcoin Ordinals has plummeted from an impressive $452 million in May to a mere fraction—under $3 million—by August 14.
Even more concerning is the near-identical drop in the number of transactions, which fell to 20,571 during the same period.
The report from DappRadar paints a somber picture for the Bitcoin Ordinals market. The substantial decline in both sales volume and transaction count within such a short span of time is indeed cause for concern.
This decline is seen as indicative of waning enthusiasm and, perhaps, a dip in confidence in Bitcoin NFTs among investors and users alike.
While the current state of Bitcoin Ordinals NFT trading volume appears gloomy, DappRadar’s report highlights the need for a longer timeframe to ascertain whether this plummet is a temporary setback or a more enduring trend.
The second quarter of the year witnessed a surge in trading volumes and user engagement for Bitcoin Ordinals, when compared to the preceding quarter of 2023. This presents a glimmer of hope that the market may regain its footing with time.
One of the factors potentially contributing to the decline in Bitcoin Ordinals’ trading volume is the ongoing debate within the Bitcoin community itself.
Unlike Ethereum and other blockchain networks, Bitcoin faces challenges in accommodating NFTs effectively. This uncertainty surrounding the integration of NFTs onto the Bitcoin network poses a long-term threat to the sustainability of Bitcoin Ordinals and the broader Bitcoin NFT ecosystem.