Bitcoin Ordinals’ Sales Volume Drops Over 97% Since May Peak

    Sales volume and transactions for Bitcoin NFTs have been steadily decreasing since June, suggesting a potential decline in interest for Bitcoin Ordinals.

    The enthusiasm surrounding Bitcoin Ordinals appears to have diminished, as sales volume has plummeted by over 97% since reaching its peak in May 2023. Nonetheless, certain members of the community maintain that Bitcoin Ordinals are still relevant, while others argue that the initial hype contributed significantly to its decline, emphasizing that Bitcoin should focus on its primary role as a store of value.

    A 97% Crash Within 3 Months

    According to a report by DappRadar, Bitcoin Ordinals have experienced a significant decline in sales volume. From its peak of $452 million in May 2023, sales volume dropped to $3 million by mid-August, marking a staggering 97% decrease within a span of three months.

    The decline in sales volume for Bitcoin Ordinals began in June, following a remarkable performance in May. Sales volume plummeted by 76.5% to $100 million in June and continued to deteriorate in July, plunging by 66.9% to $35 million. The data for August thus far indicates a further 91.4% drop in sales, reaching a mere $3 million.

    Furthermore, transactions for Bitcoin Ordinals have also declined since May. The report reveals that transactions have decreased by 88.1% in August, amounting to 20,571 transactions compared to 832,648 three months ago.

    While the entire non-fungible token (NFT) market has witnessed a downward trend, Bitcoin Ordinals appear to be the most severely affected compared to other blockchains like Ethereum and Polygon. These other blockchains have long been established in the NFT market and have a wider range of applications.

    The DappRadar report highlights that the number of unique active wallets (UAW) for Bitcoin Ordinals experienced a surge from 696 in February to 79,261 in May. However, this upward trend was short-lived, as the current figure stands at 6,708 by mid-August.

    Is Bitcoin Ordinals Dead?

    The decline in sales volume and transactions for Bitcoin Ordinals raises concerns about its sustainability in the NFT sector, indicating a decrease in interest.

    Speculations have emerged that Bitcoin Ordinals may be dead, as the rapid decline in performance suggests that the initial hype surrounding it was too excessive to be sustained for long.

    Despite these concerns, some individuals remain optimistic and argue that it is premature to deem Bitcoin Ordinals a failure, emphasizing that the project is still in its early stages. Others contend that Bitcoin and Ethereum serve different purposes, with Bitcoin being better suited as a store of value while Ethereum drives the digital economy.

    In July, Ethereum co-founder Vitalik Buterin commended Bitcoin Ordinals for revitalizing the culture of active participation on the network, highlighting its positive contributions.

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