DappRadar

Bitcoin

Algorand

ORDI

<ul> 
 <li>The BTC community is split on whether NFTs should be on the network.</li> 
 <li>The number of transactions likewise fell to 20,571.</li> 
</ul> 
According to <a href="https://dappradar.com/" target="_blank" rel="noopener noreferrer nofollow">DappRadar</a>, trading volume for the Bitcoin Ordinals NFT has plummeted by about 98% since May, indicating a severe decline in user engagement. DappRadar reported on August 17 that the overall sales volume of Bitcoin Ordinals has dropped from $452 million in May to under $3 million as of August 14. The number of transactions likewise fell, by almost the same percentage, to 20,571 over that time. 
The report stated: 
<blockquote class="wp-block-quote"> 
 “This steep decline in both sales volume and count within such a short period is alarming for Bitcoin Ordinals. The diminishing sales count underscores the waning enthusiasm or perhaps confidence in Bitcoin NFTs.” 
</blockquote> 
<h3 class="wp-block-heading" id="h-perhaps-a-temporary-setback">Perhaps a Temporary Setback</h3> 
DappRadar called it a gloomy scenario for the Ordinals market, but it stressed that more time is needed to establish if this is a “temporary setback.” 
The Q2 saw trading volumes and user engagement for Bitcoin Ordinals surge compared to the Q1 of 2023. According to DappRadar, the <a href="https://thenewscrypto.com/why-did-bitcoin-btc-fall-below-26k-after-june/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> community is split on whether NFTs should be on the network, which isn’t a problem for Ethereum and other blockchains, and thus poses a threat to the long-term viability of Ordinals. 
The Bitcoin network has earned $14.6 million from 21,989 purchasers over the previous 30 days, placing it seventh in terms of <a href="https://thenewscrypto.com/coca-cola-launches-masterpiece-nft-collection-on-coinbases-base/" target="_blank" rel="noopener noreferrer nofollow">NFT</a> sales volume, according to statistics provided by <a href="http://cryptoslam.io/" target="_blank" rel="noopener noreferrer nofollow">CryptoSlam</a>. 
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Whopping 98% Drop Witnessed in Bitcoin Ordinals NFT Trading Volume

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