Bitcoin Ordinals NFT trading volume tanks 98% since May: DappRadar

DappRadar has pointed to an “alarming plunge” in Bitcoin Ordinals nonfungible token user activity, with trading volumes tanking around a whopping 98% since May.

In an Aug. 17

“There are voices within the community that view Bitcoin primarily as ‘digital gold,’ suggesting that its primary function should remain as a store of value. On the other hand, Ethereum is often referred to as ‘digital oil’, indicating its role in fueling the digital economy,” the report reads, adding:

“The coming months will be crucial in determining whether Bitcoin finds a foothold in the ever-evolving NFT landscape or reverts to its primary role as a store of value.”

According to CryptoSlam data, the Bitcoin network is currently ranked seventh in terms of NFT sales volume over the past 30 days with $14.6 million generated from 21,989 buyers.