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Bitcoin Ordinals NFT Trading Volumes Tank by 98% Since May, DappRadar Reports

Bitcoin Ordinals nonfungible token user activity has experienced a drastic decline, with trading volumes dropping by 98% since May, according to DappRadar. The total sales volume for Bitcoin Ordinals has decreased from $452 million in May to approximately $3 million as of August 14, with the number of transactions declining by 97% to 20,571 in the same period. 、

DappRadar has described the situation as a "grim scenario" for the Ordinals market, but has also noted that it is too early to determine whether this is a temporary setback or a systemic problem for Bitcoin-based NFTs. The decline follows a hype-filled Q2 for Bitcoin Ordinals, which saw trading volumes and user activity rise significantly compared to Q1.

Bitcoin Bitcoin $94,491.48
-1.2%
Bitcoin Ordinals DappRadar
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