Bitcoin’s recent milestone was reached with the minting of over 20 million Ordinal inscriptions on the Bitcoin blockchain. These inscriptions, also known as Bitcoin Ordinals, are digital asset records that allow information to be linked to individual satoshis, the smallest units of Bitcoin. The technology, pioneered by Casey Rodarmor and implemented through Bitcoin’s Taproot upgrade, has contributed significantly to the blockchain’s popularity and prominence.
Despite the previous successes, the past week’s data tells a different story. Bitcoin-based NFT sales have experienced a notable decline since mid-July. During the period from July 22 to July 29, 2023, Bitcoin-centric NFT sales dropped by 35.22%, resulting in a total sales volume of $4.54 million for the week. This pushed Bitcoin’s NFT sales ranking down to seventh place, falling behind even Polygon. In contrast, Solana (SOL) managed to secure the second-place spot with $6.61 million in NFT sales during the same week.
The decline in Bitcoin’s NFT sales is evident not only in the weekly rankings but also in the overall market volumes. Various marketplaces engaged in Ordinal trades, including Okx, Unisat, Magic Eden, Gamma, Open Ordex, Ordinals Wallet, Ordswap, and Ordinals Market, have all experienced decreasing transaction volumes since mid-July. Although there was a brief surge on June 29 after a decline that started in May, the situation worsened after July 14, with volumes hitting even lower levels. Both transaction numbers and the number of unique daily users on these marketplaces have seen a decline.
Interestingly, while Bitcoin’s NFT sales declined, other blockchains witnessed a rise in NFT sales, leading to an overall increase of 8.43% in seven-day sales figures compared to the previous week. This highlights the dynamic and unpredictable nature of NFT markets, where performance can vary greatly across different blockchain ecosystems. As for the future of Bitcoin’s NFT sales, it remains uncertain whether the downtrend will persist or if there will be a turnaround in the coming weeks.
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