According to the DappRadar service, in May the volume of trading in “BRC-20s inscriptions” (analogous to NFT in Ethereum and other networks) amounted to $452 million. However, this turned out to be just a hype against the backdrop of the introduction of the BRC-20 protocol itself.
Already in June, the volume of trading in Bitcoin Ordinals tokens amounted to $106 million – a drop of 76.5% at once compared to May. The following months continued the trend. In July, the figure was $35 million (-66.9%), and over the past half of August, Bitcoin-based NFTs were sold for only $3 million. That is, trading volume has collapsed by 97% since May.
“Such trading volume figures raise fundamental questions about the future of Bitcoin-based NFTs,” analysts at DappRadar said.
It is logical that the number of unique active addresses in the Bitcoin network that were present on the Bitcoin Ordinals market decreased by an order of magnitude. If in May 79,261 addresses participated in transactions with BRC-20s tokens, then in the first half of August, the figure was 6,708.
In the midst of Bitcoin Ordinals’ popularity, Samson Mow, CEO of JAN3, stated that this was just a temporary hype.
Source: Bits
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