According to the latest data, the Bitcoin non-fungible token (NFT) market has experienced a sharp decline in trading volume. According to data released by the Ordinals trading platform, trading volume fell by more than 97%. However, PHP editor Xigua believes that these data may have errors. Developers have dismissed this, saying the data is inaccurate. They pointed out that due to market instability and the emergence of new projects, fluctuations in trading volume are normal. Therefore, we need more data and evidence to fully assess the actual situation of the Bitcoin NFT market.
According to a report by DappRadar, the monthly transaction volume of the Bitcoin Ordinals protocol reached a peak of $452 million in May this year, and then began to decline month by month:
The transaction volume in June dropped by 76.5% month-on-month. %, to $106 million
July trading volume fell 66.9% month-on-month to $35 million
Since mid-August, trading volume has been only $3 million, compared with May It fell by more than 97%.
Another data shows that active Bitcoin wallets have dropped significantly in the Ordinals market. There were 79,261 active wallets in May, and now there are only 6,708.
DappRadar concluded in the report that the trading volume of Ordinals has dropped sharply, and the overall NFT market has also shown a downward trend, which raises important questions about the future of Bitcoin NFTs.
"While it is not yet appropriate to completely dismiss Bitcoin Ordinals, market data reflects the warning signs of volatility and unpredictability in the NFT space. Many in the community believe that Bitcoin and Ethereum are different uses, perhaps should be more clearly demarcated. The next few months will be a critical period in determining whether Bitcoin can gain a foothold in the evolving NFT space or return to its primary role as a store of value."
Ordinals UAW dropped sharply
However, regarding the recent rumors in the community that "Ordinals may be extinct" Ordinals developer Leonidas also jumped out to refute the remarks earlier. Bitcoin had 530,788 transactions in the past 24 hours, of which 450,785 were related to Ordinals. He said: When everyone claims that "Ordinals are dead," they actually account for 84.9% of Bitcoin network activity.
Another member of the Bitcoin community, trevor.btc, pointed out that in fact, the data reported by DappRadar is not accurate. The actual data is not 97% but about 67%.
To put it simply, although the trading volume of Ordinals is still declining, in the view of community developers and members, the sharp decline in Ordinals transactions is mainly caused by the general environment and the sharp decline of Bitcoin. The majority of transactions on the Bitcoin network are still related to Ordinals, which proves that Bitcoin NFT, as a new type of asset, does not see too many risks.
trevor.btc believes that DappRadar data is inaccurate
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