DappRadar suggested more time is required to ascertain if this is just a temporary setback or a deeper lying issue.
DappRadar has pointed to an “alarming plunge” in Bitcoin Ordinals nonfungible token user activity, with trading volumes tanking around a whopping 98% since May., DappRadar highlighted its data showing that the total Bitcoin Ordinals sales volume had decreased from peak levels of $452 million in May to roughly $3 million as of Aug. 14.Ordinals trading volume and sales count. Source: DappRadar.
DappRadar described it as a grim scenario for the Ordinals market, but did also emphasize that more time is required to determine whether this is a “temporary setback” or something that represents a “systemic problem of Bitcoin-based NFTs.” “This steep decline in both sales volume and count within such a short period is alarming for Bitcoin Ordinals. The diminishing sales count underscores the waning enthusiasm or perhaps confidence in Bitcoin NFTs,” the report noted, adding that:
“While fluctuations in sales volume could be attributed to market dynamics, a consistent decline in transaction count may point toward broader issues. It suggests that fewer traders are engaging with Bitcoin Ordinals, which could raise concerns about its longevity and relevance in the NFT space.”One of the biggest victims was
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