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The NFT sector linked to Bitcoin Ordinals has witnessed a sharp downturn in recent months, according to data collected by DappRadar. As of August 14, Bitcoin Ordinals' sales figures showed a dive from its May highs of $452 million to a mere $2.9 million, marking a near 98% decline.
During this same interval, the data also reveals that transaction numbers dropped dramatically, showing a decline of approximately 98% to a total of 20,571 transactions. Despite the gloomy outlook, DappRadar suggests that it might be premature to classify this trend as a long-term problem or a temporary blip for Bitcoin-based NFTs.
The recent report underscores the considerable decrease in sales and states the potential concern about Bitcoin NFTs’ decreasing popularity or possibly even trust. The sustained dip in transaction numbers, as highlighted by the report, could signal broader issues in the market. Such a trend might lead to questions about the future prospects and significance of Bitcoin Ordinals in the NFT industry.
Bitcoin Ordinals had a prosperous second quarter, with user activity and trading volumes surging drastically in contrast to the first quarter of 2023. This makes the recent decline even more notable.
Another aspect brought to light by DappRadar's analysis is the split opinion within the Bitcoin community regarding NFTs' place on their network. Unlike the Ethereum blockchain, which doesn't grapple with such a divide, Bitcoin faces internal debates. Some see Bitcoin predominantly as a form of "digital gold", prioritizing its function as a value storage. Comparatively, Ethereum is commonly seen as the digital fuel powering the online economy, hinting at its broader utilities.
How Bitcoin will position itself in the dynamic NFT world in the forthcoming months remains uncertain. Data from CryptoSlam currently places the Bitcoin network at the seventh spot regarding NFT sales in the last month, recording $14.6 million from 21,989 buyers.
