Ordinals Reach 20 Million Mints, Yet Bitcoin NFTs Plummet by 30%

Ordinals NFTs were in a bullish progress last week, closing this month with an all-time high of inscriptions. 

Yet despite the greenish uptrend of Bitcoin’s front-running project, the blockchain suffered a major downside in NFT sales volume. 

With these current conditions, are traders migrating to other blockchains, or is it just a bad week for Bitcoin? 

Why don’t we dive further into this article to know more about it in detail, shall we?

The Alpha

According to the statistics from cryptoslam.io, data revealed that Bitcoin NFTs fell short in sales volume from July 23 to July 31, 2023. 

The results showed that the blockchain suffered 30% in sales, only amounting to $4.39 million during the said timeframe. 

Although it managed to bring in more buyers during that time, there wasn’t enough activity to compensate for the reduction in sales. 

As a result, Bitcoin landed in seventh place in terms of NFT Sales Volume, below Polygon and above Cardano. 

More Details about Bitcoin’s bearish progress

As per the data provided by Dune Analytics, its statistics further illustrated the blockchain’s decline thoroughly. 

It showed that the decrease in volumes began in mid-July when marketplaces engaged in Ordinal trades slumped to lower levels. 

These marketplaces include Okx, Unisat, Magic Eden, Gamma, OpenOrdex, Ordinals Wallet, Ordswap, and Ordinals Market. 

Even though there was a sudden surge on June 29, the following days couldn’t meet or exceed its surge value. 

In fact, the situation worsened on July 14 because volumes continue to decrease up to this day, indicating that the marketplaces and daily users within those marketplaces have declined. 

What about the other blockchains? 

As Bitcoin suffered a downtrend last week, some blockchains shared the same fate while others bloomed in the market. 

Ethereum retains its 1st place in NFT sales volume, as the blockchain experienced a 16% increase last week. 

Moreover, BNB, Mythos, and ImmutableX also gained high sales volume, with ImmutableX having the highest with a 65% increase, placing them in 3rd, 4th, and 5th place, respectively. 

On the other hand, Solana suffered a 10% decrease in sales volume, and Polygon also slightly declined 12%. 

By observing the current market conditions, degens are unaware if Bitcoin’s bearish progress will continue or turn around. 

Conclusion

Bitcoin NFTs played a significant role as a leading blockchain in the NFT ecosystem’s continuous uptrend before.

Take Ordinals NFTs, for example; the project remains bullish despite the blockchain’s downtrend because degens got the hype about it.

This also indicates that the Ordinals mark itself as a massive contributor to the blockchain, as it recently made an all-time high of inscriptions. 

However, seeing the current progress of Bitcoin, it’s uncertain whether Bitcoin will continue to lead Web3’s upgrade or not. 

Nonetheless, several degens in Web3 are optimistic about the market’s direction, regardless of which blockchain will lead the way.