Bitcoin Ordinals Sales Slump 61%, But Halving & Industry Support Offer Hope

The Bitcoin Ordinals, which were the first NFTs minted on the BTC network, notched a huge dip in their sales in January only to land at $335 million,an enormous drop of 61%. This downturn happened in defiance of the Bitcoin halving event which some commentators opine to restore this kind of asset interest.

Oversaturation of the NFT market: Due to a steady stream of new projects and artists entering the market, buyers now have more choices to pick from, and in the long run, the Ordinals may become less desirable.

Bitcoin-based NFTs enjoy popularity as it is popular, but competing networks like Solana end up with large numbers of NFT sales as well, and they offer alternatives to Bitcoin NFTs.

Those who perceive Ordinals in a negative light view them as having characteristics of spam, and this affects their legitimacy within enthusiast circles.

 In the process of applying to the Ordinals, it can sometimes be tough, and if one is not committed, he or she may find the process tedious and give up. Thus, in trying to find the buyer through Ordinals, the process might discourage some interested buyers.

Total number of Ordinal inscriptions is still increasing beyond 59 000 000. It means that there is still interest and activity in this ecosystem.

The introduction of their Ordinals marketplace implies that the industry is signalling the backing and indicates a potential of wider use.

As the fate of Ordinals has not yet been decided, with new halving on the horizon and further progress within the industry, it can be expected that old time waves of interest can be renewed.

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2024-02-03 03:32