Ordinals Reach 20 Million Milestone, But Bitcoin-Based NFT Sales Slide

This week marked a milestone arsenic the fig of Ordinal inscriptions minted connected the Bitcoin blockchain crossed the awesome 20 cardinal threshold. But contempt this achievement, Bitcoin-based non-fungible token (NFT) oregon Ordinal marketplace income person witnessed a downturn since mid-July. Once consistently taking the 2nd spot week aft week successful the NFT income ranking, Bitcoin-based NFT income person present stumbled, finishing seventh successful the past seven-day stretch.

Amid 20 Million Ordinal Inscriptions, Bitcoin’s NFT Sales Nosedive

On July 28, 2023, the tally of Ordinal inscriptions achieved a important milestone, exceeding 20 million. These Bitcoin Ordinals, integer plus inscriptions wrong the Bitcoin blockchain, alteration users to affix accusation to idiosyncratic satoshis, the smallest fraction of BTC. Pioneered by Casey Rodarmor and facilitated by Bitcoin’s Taproot upgrade, this exertion catapulted the blockchain into prominence. As the numbers swelled into the millions, Bitcoin Ordinal inscriptions contributed to making the blockchain the second-largest successful play NFT sales, clip and clip again.

The week from July 22 to July 29, 2023, however, painted a antithetic picture. Bitcoin-centric NFT income slumped by 35.22%, arsenic per the statistics connected cryptoslam.io. Data revealed that Bitcoin-based NFT income amounted to $4.54 cardinal during the past 7 days, relegating the blockchain to a seventh-place position, beneath Polygon. Meanwhile, Solana (SOL), with $6.61 cardinal successful NFT sales, clinched this past week’s second-place spot. Among the apical 20 priciest sales, a specified 2 Ordinals secured positions successful this week’s rankings.

Data from Dune Analytics further illustrates a diminution successful volumes since mid-July concerning marketplaces engaged successful Ordinal trades, including Okx, Unisat, Magic Eden, Gamma, Open Ordex, Ordinals Wallet, Ordswap, and Ordinals Market. Following a pronounced driblet since May, determination was a fleeting surge connected June 29. However, the concern worsened aft July 14, arsenic volumes by Ordinal marketplaces slumped to adjacent little levels. Both transactions by marketplace and unsocial regular users wrong those marketplaces person experienced a decline.

While Bitcoin NFT income person witnessed a downtrend, different blockchains person experienced a rise, and this week’s seven-day income figures arsenic a full person jumped 8.43% higher than the week prior. This opposition successful show is simply a striking illustration of the dynamic and often unpredictable quality of NFT markets. No 1 knows for definite if Bitcoin’s falling NFT income volition proceed oregon crook astir successful the adjacent fewer weeks.

What bash you deliberation astir Ordinal inscriptions crossing the 20 cardinal mark? What bash you deliberation astir Bitcoin-based NFT income dropping this past week? Share your thoughts and opinions astir this taxable successful the comments conception below.