Ordinals still make up majority of Bitcoin txs despite price collapse

Despite recent price declines and claims that the hype around Bitcoin NFTs has died down, ordinal inscriptions continue to dominate activity on the Bitcoin network, accounting for nearly 85% of all transactions.

cointelegraph.com

Relevant topic timeline:

8/3/2023

Monthly NFT sales fell for fifth consecutive month to $495M in July

Main topic: Decline in NFT sales and the need for new opportunities in the sector. Key points: - NFT sales in July totaled $495.6 million, down 23% from June. - This marks the fifth consecutive month of declining NFT sales since February. - The average sale in July was just $47, indicating less interest in high-value NFTs. - Transaction levels remain high, indicating a growing prevalence of low-barrier NFT sales. - Ethereum, Bitcoin, and Solana were the top blockchains for NFT sales in the past 30 days. - The decline in NFT sales highlights the need for players and builders in the sector to find new growth opportunities.

8/21/2023

Godfather NFTs Weren’t Enough to Prevent Recur From Sleeping With the Fishes

Recur, an NFT platform that featured collectibles from popular brands, is shutting down due to challenges and changes in the business landscape, causing a decline in the value of its offerings. Users can still access their NFTs through IPFS, but the company will disable deposits and gradually take its websites offline. This closure follows a trend in the NFT community, as other platforms have also shut down recently.

8/23/2023

Recursive inscriptions: Bitcoin ‘supercomputer’ and BTC DeFi coming soon

Recursive inscriptions on Bitcoin's blockchain, known as Ordinals, are being hailed as a powerful development that could enable more complex functionality, similar to smart contracts on Ethereum, creating a full-blown DeFi ecosystem on Bitcoin and potentially competing with decentralized storage provider IPFS. These developments are sparking renewed interest in Bitcoin and attracting a wave of developers eager to explore the possibilities of this new technology.

8/23/2023

Bitcoin Ordinals Trading Is Down Bad—But Just How Bad? - Decrypt

Bitcoin Ordinal sales volumes have allegedly dropped 97% from May to August, leading to speculation about the decline of Ordinals, but some in the community are pushing back against the accuracy of the report and pointing out discrepancies in the data provided by different sources.

8/23/2023

Bitcoin Ordinals volume dips 98%, OpenSea to disable royalty tool, and Frend.tech hype: Nifty Newsletter

Summary: The Nifty Newsletter highlights the launch of decentralized social media platform Frend.tech with over 100,000 users, OpenSea disabling its on-chain royalty enforcement tool, Sotheby's and Yuga Labs facing a lawsuit from Bored Ape investors, a significant decline in Bitcoin Ordinals NFT trading volume, and the collapse of the "charitable" NFT project Orica.

8/25/2023

"Black Swan" Author Knows What Will Kill Bitcoin

Renowned author Nassim Nicholas Taleb has predicted the downfall of Bitcoin, stating that its eventual demise will be due to "inexorable decay" rather than a crash, highlighting concerns about dwindling interest and market manipulation.

Topics

Posted 8/21/2023, 5:31:02 AM

Ordinals still make up majority of Bitcoin txs despite price collapse

cointelegraph.com

Relevant topic timeline:

8/3/2023

Monthly NFT sales fell for fifth consecutive month to $495M in July

8/21/2023

Godfather NFTs Weren’t Enough to Prevent Recur From Sleeping With the Fishes

8/23/2023

Recursive inscriptions: Bitcoin ‘supercomputer’ and BTC DeFi coming soon

8/23/2023

Bitcoin Ordinals Trading Is Down Bad—But Just How Bad? - Decrypt

8/23/2023

Bitcoin Ordinals volume dips 98%, OpenSea to disable royalty tool, and Frend.tech hype: Nifty Newsletter

8/25/2023

"Black Swan" Author Knows What Will Kill Bitcoin