According to a report from DappRadar, the trading volume of NFTs created using the Bitcoin protocol called Ordinals from 1st to 14th August reached approximately $3 million. During this fortnight, users completed 20,571 transactions.
Monthly Decline since May 2023
The monthly trading volume of Ordinals has decreased by more than 98% since May 2023, as outlined in the DappRadar report.
There was a 76.5% decline in trading volume, dropping to $106 million.
The number of finalized deals plummeted by 60.3%, resulting in 330,121 transactions.
The trading volume dipped by 66.9%, amounting to $35 million.
Transaction count decreased by 47.6%, recording 172,956 in total.
First Half of August: Another Steep Fall
Data from the initial two weeks of August showcases:
A 91.4% reduction in trading volume, dwindling to $3 million.
An 88.1% decrease in transaction count, with only 20,571 transactions reported.
Ordinals User Engagement
At the peak of interest in Ordinals in May, there were 79,261 unique active wallets. This number shrank dramatically to 6,708 in August.
Is this a Temporary Setback or a Systemic Issue?
The reduction in trading volume is indicative of waning interest in Ordinals. The upcoming months will be crucial in determining whether this is a temporary setback or signals a more systemic issue for Bitcoin-based NFTs.