The popularity of the “bitcoin-based NFT” – Bitcoin Ordinals – has declined catastrophically, as many analysts predicted. BRC-20s token trading volume has fallen 97% since May.
As reported by the DappRadar service, the trading volume of “BRC-20s tokens” (the NFT counterpart in Efirium and other networks) totaled $452 million in May.
However this turned out to be just hype against the backdrop of the introduction of the BRC-20 protocol itself.
Already in June, the volume of Bitcoin Ordinals tokens traded amounted to $106 million, a 76.5% drop compared to May.
The following months continued the trend. In July, the figure was $35 million (-66.9%), and bitcoin-based NFTs sold only $3 million in the past half of August.
That is, trading volume has collapsed 97% since May.
“Such trading volume figures raise fundamental questions about the future of bitcoin-based NFTs,” said analysts at DappRadar.
Logically, the number of unique active addresses on the Bitcoin network that were present in the Bitcoin Ordinals marketplace has also dropped by an order of magnitude.
While 79 261 addresses participated in transactions involving BRC-20s tokens in May, the figure for the first half of August was 6 708.
At the height of Bitcoin Ordinals’ popularity, JAN3 CEO Samson Mow said it was only a temporary hype.