The momentum surrounding Bitcoin Ordinals seems to have dissipated, with the volume of sales falling more than 97% from its all-time high in May 2023.
However, some members of the community believe that Bitcoin Ordinals are not dead, others say that the previous hype was a major factor in its crash, arguing that Bitcoin is better off maintaining its primary function. as a store of value.
A 97% Crash Within 3 Months
Bitcoin Ordinals saw a sharp drop in sales volume from a peak of $452 million recorded in May 2023 to $3 million in mid-August, marking a 97% drop within three months, according to a report by DappRadar.
After an impressive performance in May, the volume of sales of Bitcoin Ordinals began to decline in June, falling by 76.5% to $ 100 million. July wasn’t much better, with sales falling 66.9% to $35 million. Data for August so far shows a 91.4% decrease in sales to $3 million.
In addition to the number of sales, transactions also decreased since May, with the report revealing that transactions decreased by 88.1% in August at 20,571, compared to 832,648 three months ago.
While there is a downward trend in the overall non-fungible token (NFT) market, Bitcoin Ordinals seem to be the worst hit compared to other blockchains such as Ethereum and Polygon, which have been in the NFT for a long time. market and enjoys a wider range of applications.
According to DaapRadar report, the number of unique active wallets (UAW) increased from 696 in February to 79,261 in May. However, the improvement was short-lived, with the current figure at 6,708 in mid-August.
Are Bitcoin Ordinals Dead?
Meanwhile, the sharp decrease in the number of sales and transactions may indicate a waning interest in Bitcoin Ordinals and also raises questions about its sustainability in the NFT sector.
Notably, the performance over a short period of time led to speculations that Bitcoin Ordinals were dead, with some community members saying that the early hype around them was too great for it to last long.
However, some remain strong and believe that it is very early to call Bitcoin Ordinals a failure, saying the project is still in its early stages. Others, while ARGUE that Bitcoin and Ethereum are two different blockchains with different missions and functions, adding that Bitcoin is better at keeping a store of value while Ethereum runs the digital economy.
Ethereum co-founder Vitalik Buterin in July praised Bitcoin Ordinals, saying it helped bring back “the culture of actually doing things” on the network.
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