Bitcoin NFT profitability declines in July due to oversaturation of Ordinals inscriptions

According to data from Forkast Labs, the profitability of Ordinals inscriptions, a type of NFT on the Bitcoin network, decreased in July. Monthly revenue from NFT services on the Bitcoin network fell to $1.22 million in July from $3.13 million in June, indicating lower profitability for Ordinals sales. Despite this, Ordinals broke a daily inscriptions record on July 30 with 422,164, and the network exceeded 21 million total inscriptions on Tuesday. The oversaturation of Ordinals is among the main factors contributing to the declining profitability of Bitcoin NFTs, according to Kadan Stadelmann, CTO of blockchain infrastructure firm Komodo. The NFT market as a whole is experiencing a decline, and experts believe that innovation is needed to revive it. Standard Chartered predicts that Bitcoin prices will surpass US$120,000 in 2024 due to the halving event.

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