Dappradar: Bitcoin Ordinals trading volume collapsed on 97% – Bits Media

The popularity of NFT based on Bitcoin - Bitcoin Ordinals - catastrophically decreased, As many analysts predicted. Since May, the volume of trading tokens BRC-20S has fallen on 97%.

According to Dappradar service, In May, the volume of bidding “BRC-20S incredation” (analogue NFT in Ethereum and other networks) Compiled $452 million. However, this turned out to be only a hype against the background of the introduction of the BRC-20 protocol itself.

Already in June, Bitcoin Ordinals trading volume amounted to $106 million - falling immediately on 76,5% Compared to May. The next months continued the trend. In July, the indicator was $35 million (-66,9%), And over the past half of August, NFT on the basis of bitcoin was sold only on $3 million. I.e, The volume of trading collapsed on 97% Since May.

"Such indicators of the volume of bidding raise fundamental questions about the future of NFT based on bitcoin", - Note analysts Dappradar.

Logical, that the number of unique active addresses in the Bitcoin network, which were present in the Bitcoin Ordinals market, decreased by an order of magnitude. If in May, 79,261 addresses participated in transactions with BRC-20S tokens, then for the first half of August the indicator was 6,708.

In the midst of the popularity of Bitcoin Ordinals, General Director of JAN3 Samson MOU (Samson Mow) stated, that this is only a temporary hype.