Ordinals Sales In Freefall: 97% Decrease Sparks Worries About Bitcoin NFT’s Extinction

Christian Encila

Last Updated: August 19, 2023 2:16 pm

3 mins read

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Bitcoin Ordinals, once the shining star of the NFT world, is experiencing a significant downturn in both sales volume and transactions, igniting discussions about the lasting appeal of these digital collectibles.

According to a recent report from DappRadar, the fervor that propelled Bitcoin Ordinals to record-breaking heights earlier this year has dwindled, with sales volume plummeting by over 97% from its peak in May 2023.

Ordinals trading and sales volume. Source: DappRadar.

Ordinals: A Rapid Descent In Three Months

The meteoric rise of Bitcoin Ordinals, which saw its sales volume soar to a staggering $452 million in May, has taken a sharp nosedive. This once-flourishing market has seen its sales volume dwindle to a mere $3 million in mid-August, marking a jaw-dropping 97% decline within a span of just three months.

The data paints a stark picture: June witnessed a 76.5% plunge, with sales volume hitting $100 million, while July followed suit with a 66.9% drop, settling at $35 million. As August unfolds, a bleak 91.4% drop to $3 million in sales volume underscores the challenges facing Bitcoin Ordinals.

Beyond The Numbers: Transaction Count And Its Implications

While fluctuations in sales volume could be attributed to the ebbs and flows of the market, the report highlights another concerning trend: a consistent reduction in transaction count.

Transactions have dwindled by a staggering 88.1% in August, sinking to a mere 20,571 compared to the robust 832,648 transactions witnessed just three months prior.

This sharp decline in transactions suggests that the interest in trading Bitcoin Ordinals is diminishing, casting a shadow of doubt on its long-term viability and relevance within the competitive NFT landscape.

Bitcoin (BTC) is currently trading at $25.934. Chart: TradingView.com

Looking Ahead: A Temporary Setback Or Systemic Issue?

The coming months are poised to be pivotal in determining whether this downward spiral is merely a temporary setback or indicative of more profound challenges for Bitcoin Ordinals and NFTs tied to the cryptocurrency.

As the NFT ecosystem continues to evolve, the fate of Bitcoin Ordinals hangs in the balance. While its spectacular rise showcased the potential of NFTs within the world of digital art and collectibles, the current slump urges stakeholders to reevaluate strategies and adapt to the shifting dynamics of the market.

The waning sales volume and transaction counts of Bitcoin Ordinals have raised pertinent questions about the enduring allure of NFTs tied to the cryptocurrency.

As the NFT landscape navigates through these challenges, the industry watches closely, eager to discern whether this decline signifies a fleeting setback or signals a more profound reckoning.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Kyodo News/Getty

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.