DappRadar Reports 98% Drop in Bitcoin Ordinals NFT Trading Volume

Crypto and NFTs: An Alarming Plunge in Bitcoin Ordinals User Activity

Data from DappRadar has pointed to a dramatic decrease in Bitcoin Ordinals nonfungible token (NFT) user activity, with trading volumes plummeting by almost 98% since May.

According to the Aug. 17 report, the total Bitcoin Ordinals sales volume dropped from a peak of $452 million in May to a mere $3 million as of Aug. 14.

The number of transactions also decreased by around 97%, settling at 20,571 in the same period.

DappRadar described the current state of the Ordinals market as dire, but cautioned that more time is needed to determine whether this is a “temporary setback” or a “systemic problem of Bitcoin-based NFTs”, such as those created with Alethea AI token or Adventure Gold Crypto in the Creator Economy Web 3.0.

Crypto and NFTs: AI Generated Fake News and Adventure Gold Crypto

The second quarter of 2023 saw a boom in Bitcoin Ordinals trading volumes and user activity, but the third quarter has seen a steep decline in both sales volume and count. According to a report from DappRadar, this decrease in sales count reflects a waning enthusiasm or confidence in Bitcoin Non-Fungible Tokens (NFTs).

The report suggests that the Bitcoin community is divided on whether NFTs should be on the network or not, unlike Ethereum and other blockchains. Some view Bitcoin as “digital gold”, meant to be a store of value, while Ethereum is often referred to as “digital oil”, fueling the digital economy.

The debate around the sustainability of Ordinals has also been complicated by the emergence of AI generated articles, images, stories, and even fake anchor news. Alethea AI Token is one example of a crypto-based token that is part of the Creator Economy of Web 3.0, and its presence has added a new layer to the discussion.

CryptoSlam data reveals that in the past 30 days, the Bitcoin network was seventh in terms of NFT sales volume, with 21,989 buyers generating a total of $14.6 million. This indicates a growing interest in the creator economy web 3.0, as well as in crypto and NFTs, such as Adventure Gold Crypto, Circuits of Value Crypto, Alethea AI Token, and AI-generated articles, images, stories, and anchors.