The recent week saw an important landmark being reached, with the count of Ordinal inscriptions minted on the Bitcoin blockchain exceeding an impressive 20 million. However, despite this significant accomplishment, the sales of non-fungible tokens (NFTs), or Ordinals, based on Bitcoin have been experiencing a decline since the middle of July. Previously known for its regular second-place standings in the NFT sales rankings, Bitcoin-based NFT sales have faltered, ending up in the seventh spot in the past week.
In the Midst of 20 Million Ordinal Inscriptions, Bitcoin’s NFT Sales Plummet
On July 28, 2023, Ordinal inscriptions marked an important achievement, surpassing the 20 million mark. These Bitcoin Ordinals, digital asset inscriptions present on the Bitcoin blockchain, let users attach information to individual satoshis, the smallest fraction of BTC. Thanks to Casey Rodarmor’s pioneering efforts and Bitcoin’s Taproot upgrade, this technology launched the blockchain into the limelight. As the count surged into the millions, Bitcoin Ordinal inscriptions played a role in making the blockchain a strong contender in weekly NFT sales repeatedly.
However, the period from July 22 to July 29, 2023, showed a contrasting trend. Bitcoin-focused NFT sales dropped by 35.22%, as reflected by the statistics on cryptoslam.io. Information revealed that Bitcoin-based NFT sales reached $4.54 million over the last seven days, pushing the blockchain to a seventh-place finish, below Polygon. In contrast, Solana (SOL) with $6.61 million in NFT sales, secured the second-place position this past week. Out of the top 20 most expensive sales, only two Ordinals managed to secure spots in this week’s rankings.
Further data from Dune Analytics highlights a decrease in volumes since the middle of July related to marketplaces engaged in Ordinal trades, including Okx, Unisat, Magic Eden, Gamma, Open Ordex, Ordinals Wallet, Ordswap, and Ordinals Market. After a significant drop since May, there was a brief increase on June 29. However, the situation deteriorated after July 14, as volumes by Ordinal marketplaces fell to even lower levels. The number of transactions by marketplace and unique daily users within these marketplaces have also seen a decrease.
While Bitcoin NFT sales have seen a decrease, other blockchains have seen a surge, and this week’s seven-day sales figures in total have risen 8.43% higher than the previous week. This stark difference in performance highlights the dynamic and often unpredictable nature of NFT markets. It’s uncertain whether Bitcoin’s dwindling NFT sales will persist or bounce back in the upcoming weeks.
What are your thoughts on Ordinal inscriptions exceeding the 20 million milestone? How do you perceive the recent dip in Bitcoin-based NFT sales? We invite you to share your views and thoughts on this matter in the comments section below.
Frequently Asked Questions (FAQs) about Bitcoin Ordinals
What milestone did Ordinal inscriptions recently achieve?
Ordinal inscriptions recently crossed the impressive milestone of 20 million on the Bitcoin blockchain.
What trend was observed in Bitcoin-based NFT sales this past week?
Despite the significant achievement in Ordinal inscriptions, Bitcoin-based non-fungible token (NFT) sales have experienced a downturn since mid-July, even falling to the seventh position in the past week’s sales ranking.
Which blockchains are performing better than Bitcoin in NFT sales?
Solana (SOL), with $6.61 million in NFT sales, clinched the past week’s second-place spot, while Bitcoin fell to seventh place below Polygon.
Has there been a general trend in Ordinal marketplace volumes?
There has been a decline in volumes since mid-July concerning marketplaces engaged in Ordinal trades. After a pronounced drop since May, there was a temporary surge on June 29, but the situation worsened after July 14, with volumes decreasing even further.
More about Bitcoin Ordinals
- Bitcoin Ordinals
- Non-Fungible Tokens (NFTs)
- Bitcoin’s Taproot upgrade
- Casey Rodarmor
- CryptoSlam.io Statistics
- Dune Analytics
- Solana (SOL)
- Open Ordex