As Ordinal Transaction Dominance Soars, NFT Advocates Question Bitcoin’s Reported Downturn
Metrics reveal a significant day for the Bitcoin blockchain as
411,511 Ordinal inscriptions were minted Sunday, clinching the title of the second most prolific day for inscriptions ever. A
dditionally, over the past seven days, Ordinal inscriptions represented a hefty
53.9% of all transaction activity on the
Bitcoin network.
Fast forward to
8:15 a.m. Eastern Time on Monday morning August 21, 2023, a significant
25,620,164 Ordinal inscriptions now grace the Bitcoin blockchain. Just a day ago on Sunday, the network witnessed the minting of Ordinals spike to its second-highest volume ever with
411,511 inscriptions.
A recently published Dappradar report, which suggests a
97% drop in Ordinal inscription sales from their peak, has generated significant buzz and controversy. An X user, Trevor.btc, has questioned its accuracy. He cites data from Dune Analytics and Cryptoslam that show a decline of
67% to 68%.
In Trevor.btc’s words:
Did Ordinals speed-run a hype cycle? Absolutely. Is Ordinals volume down significantly compared to the peak? Yes. Could it go down further? Sure. But so what? The Ordinals market is no different than any other new asset in the space and no different from what we’ve seen on other NFT ecosystems. These things come and go in cycles.
Notably,
NFT aficionado and founder of Ord, Leonidas, recently highlighted the substantial activity surrounding Ordinal inscriptions.
