• The BTC community is split on whether NFTs should be on the network.
  • The number of transactions likewise fell to 20,571.

According to DappRadar, trading volume for the Bitcoin Ordinals NFT has plummeted by about 98% since May, indicating a severe decline in user engagement. DappRadar reported on August 17 that the overall sales volume of Bitcoin Ordinals has dropped from $452 million in May to under $3 million as of August 14. The number of transactions likewise fell, by almost the same percentage, to 20,571 over that time.

The report stated:

“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.”

Perhaps a Temporary Setback

DappRadar called it a gloomy scenario for the Ordinals market, but it stressed that more time is needed to establish if this is a “temporary setback.”

The Q2 saw trading volumes and user engagement for Bitcoin Ordinals surge compared to the Q1 of 2023. According to DappRadar, the Bitcoin community is split on whether NFTs should be on the network, which isn’t a problem for Ethereum and other blockchains, and thus poses a threat to the long-term viability of Ordinals.

The Bitcoin network has earned $14.6 million from 21,989 purchasers over the previous 30 days, placing it seventh in terms of NFT sales volume, according to statistics provided by CryptoSlam.

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