The future of NFTs on the Bitcoin Network is at risk, with a significant decline recorded in the trading volume and sales count of Bitcoin Ordinals since May.
Ordinals were launched in January 2023 and quickly became one of the most popular NFT collections. However, after peaking in May, the hype around the collection has died down, and sales volume has since declined.Following the launch of Bitcoin Ordinals, the collection’s trading volume and sales count climbed to highs of $452 million and 832,648, respectively, by the end of May. This represented a 3128% jump from the $14 million recorded in trading volume in April.
However, the trend suddenly shifted in June, as the general market decline in NFTs impacted Bitcoin Ordinals. According to DappRadar:
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