2023-08-19 12:03:06
It seems that the NFT frenzy on the Bitcoin network is slowly but surely dying down. According to an analysis by Dappradar, Bitcoin Ordinals transaction numbers and sales numbers are down 97% from their May 2023 peak. By the way, this is not unique, it coincides with the decline and slowdown affecting the entire NFT sector. However, in the case of Bitcoin Ordinals, the decrease is much more spectacular than, say, in the case of Ethereum. Bitcoin NFTs should not be buried yet In June and July, Bitcoin Ordinals had to endure a 97% and 98% decrease in the number of transactions. In total, this means that sales have plummeted to $3 million from a peak of $452 million in May. The number of active participants has also completely declined. The number of unique active bitcoin wallets fell by 90% from February to August, falling to just under 6,700. In the case of Ethereum, the decrease was only 22%, but even in the case of Polygon, the number of active traders decreased by “only” 60%. And this shows that in addition to the decrease in general interest, more and more people are starting to lose confidence in the future vision of Bitcoin NFT. Because in contrast to Ethereum, Bitcoin NFTs mostly consist of very simple small profile pictures and these cannot be used for too many purposes. Progress would definitely be needed in terms of usability or dynamism. The next few months will therefore be a watershed for Bitcoin NFTs. The community is also divided on what to expect. According to the majority, bitcoin should remain only digital gold, while Ethereum should take on the role of “digital oil”. Of course, you don’t have to bury the Bitcoin Ordinals collections yet. On the one hand, the NFT market is inherently quite volatile, the trading volume can drop by 30-50% in a matter of seconds. On the other hand, developers can also learn from the decline of Ordinals, so they can prepare for another boom soon.
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#Bitcoin #NFTs #deep #flight
