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TL;DR
- Sales of Bitcoin ordinals fell 61% in January to $335 million from a peak of $868 million in December.
- Competition from other blockchains, such as Solana, impacts sales of Bitcoin Ordinals.
- The Dokyo NFT collection on Avalanche stands at $31.4 million in January, accounting for 67% of monthly sales.
In January, bitcoin ordinals sale A sharp decline of 61% was seenFall $335 million from its high of $868 million in DecemberThe month with the highest sales in the history of Ordinals, according to data compiled by CryptoSlam.
these, which are The first iteration of non-fungible tokens (NFTs) on the Bitcoin networkare affected by Saturation of the NFT market and the presence of collectibles on other blockchains.
andy lianIntergovernmental blockchain expert and author of the book “NFT: From Zero to Hero” says The oversupply of new projects and artists has left buyers with a ton of choices.
The growing popularity of other blockchains like Solana, Buyer’s interest has also been diverted.
Ahead, The controversial notion of ordinals in the Bitcoin community, While some consider this tantamount to spam, it has affected its reputation among Bitcoin enthusiasts.
Although Monthly NFT sales on Ethereum also declined by 2.2% Up to $355 million, sales ongoing Avalanche surges 89% to $46.7 million in January, Up from $24.7 million in December.
Dokyo NFT Collection was a major player on Avalanche, Production of $31.4 million in JanuaryRepresents 67% of Blockchain’s monthly sales.
This significant increase in ordinals is in contrast to the $7.64 million generated in December
Sebastien Guillemotco-founder of Paima StudioMentions that ordinals are of interest Bitcoin is moving towards Layer 2 solutions.
Many developers and investors Moving towards this story, especially with all the hype around BitVM and OP_CAT.
In-spite of this decline in sales, Total number of signups on the Bitcoin network continues to growCrossed 59 million as per Dune data.
ordinal average selling price It also fell 25% to $1,340 in January.
However, Major Cryptocurrency Companies Such as Binance, the world’s largest cryptocurrency exchange, are showing continued interest by announcing the launch of their Ordinals Marketplace on February 1st.
andy lian optimistic The upcoming Bitcoin halving is expected to revive interest.
There may be a decrease in the supply of Bitcoin Make each Satoshi more valuable and rareThus increasing its appeal as a unique and collectible asset.
In addition, stop Transaction fees on the Bitcoin network may increase, To incentivize miners to process Ordinals transactions and secure the network.
In The latest edition of the “State of Crypto” report published by 21share, The largest provider of cryptocurrency exchange-traded products (ETFs) globally, it has been suggested Bitcoin could offer more use casesAnd that innovation like Ordinals and BRC-20 tokens Demand for Bitcoin may increase and its use cases may expand on the network.
Source: crypto-economy.com
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