{"id":161158,"date":"2024-02-02T16:42:42","date_gmt":"2024-02-02T16:42:42","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=161158"},"modified":"2024-02-02T16:43:02","modified_gmt":"2024-02-02T16:43:02","slug":"bitcoin-ordinals-frenzy-cools-off-sales-plummet","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/bitcoin-ordinals-frenzy-cools-off-sales-plummet\/","title":{"rendered":"Bitcoin Ordinals Frenzy Cools Off! Sales Plummet 61% in January Despite ETF Hype"},"content":{"rendered":"<p><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">TL;DR<\/span><\/span><\/p>\n<ul>\n<li style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Bitcoin Ordinals sales down 61% in January, reaching $335 million from peak of $868 million in December.<\/span><\/span><\/li>\n<li style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Competition from other blockchains, such as Solana, impacts sales of Bitcoin Ordinals.<\/span><\/span><\/li>\n<li style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The Dokyo NFT collection on Avalanche stands out with $31.4 million in January, representing 67% of monthly sales.<\/span><\/span><\/li>\n<\/ul>\n<hr \/>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">In <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">January,<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> Bitcoin Ordinals sales <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">saw a sharp 61% drop<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, falling to <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">$335 million from its peak of $868 million in December<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, the highest sales month in Ordinals history, according to data compiled by <\/span><\/span><a href=\"https:\/\/www.cryptoslam.io\/blockchains\/bitcoin?headerPeriod=30d\" target=\"_blank\" rel=\"noopener\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">CryptoSlam.<\/span><\/span><\/a><\/p>\n<p><!--more--><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">These, which are <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">the first iteration of non-fungible tokens (NFTs) on the Bitcoin network<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, are affected by <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">the saturation of the NFT market and the appearance of collections on other blockchains.<\/span><\/span><\/strong><\/p>\n<p style=\"text-align: justify\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Anndy Lian<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, intergovernmental blockchain expert and author of the book &#8220;NFT: From Zero to Hero,&#8221; notes that <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">the oversupply of new projects and artists has left buyers with an abundance of options.<\/span><\/span><\/strong><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">growing popularity of other <\/span><\/span><a href=\"https:\/\/crypto-economy.com\/blockchain-technology\/\" target=\"_blank\" rel=\"noopener\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">blockchains,<\/span><\/span><\/a><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> such as Solana,<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> has also diverted buyer interest.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Furthermore, <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">the controversial perception of Ordinals in the Bitcoin community,<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> where some consider it similar to spam, has affected its reputation among Bitcoin enthusiasts.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Although <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">monthly NFT sales on Ethereum also decreased 2.2%<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> to $355 million, sales on <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Avalanche increased 89% to $46.7 million in January,<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> up from $24.7 million in December.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The Dokyo NFT<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> collection <\/span><span style=\"vertical-align: inherit\">on Avalanche was a key player, <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">generating $31.4 million in January<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, representing 67% of the blockchain&#8217;s monthly sales.<\/span><\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-161162\" src=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/02\/bitcoin-ordinals.jpg\" alt=\"61% Crash in Ordinal Bitcoin Sales in January\" width=\"825\" height=\"300\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/02\/bitcoin-ordinals.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/02\/bitcoin-ordinals-300x109.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/02\/bitcoin-ordinals-768x279.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/p>\n<h2><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">This notable growth of Ordinals contrasts with the $7.64 million generated in December<\/span><\/span><\/h2>\n<p style=\"text-align: justify\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Sebastien Guillemot<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, co-founder of <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Paima Studios<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, mentions that Ordinals interest <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">is shifting towards Bitcoin Layer 2 solutions.<\/span><\/span><\/strong><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Many developers and investors <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">are moving towards this narrative,<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">\u00a0especially with the hype around <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">BitVM and OP_CAT.<\/span><\/span><\/strong><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Despite <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">the decline in sales,<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> the total number of signups on the Bitcoin network <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">continues to grow<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, surpassing 59 million according to data from Dune.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Ordinals average<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> selling <\/span><span style=\"vertical-align: inherit\">price <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">also fell 25% to $1,340 in January.<\/span><\/span><\/strong><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">However, <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">major cryptocurrency companies<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> such as <\/span><\/span><a href=\"https:\/\/crypto-economy.com\/binance-exchange-review-complete-guide\/\" target=\"_blank\" rel=\"noopener\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Binance,<\/span><\/span><\/a><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> the world&#8217;s largest cryptocurrency exchange, <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">are showing continued interest by announcing the launch of their Ordinals marketplace on February 1.<\/span><\/span><\/strong><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Anndy Lian optimistically <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">expects the upcoming Bitcoin halving to revive interest.<\/span><\/span><\/strong><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The reduction in the supply of Bitcoin could <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">make each satoshi more valuable and scarce<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, thus increasing the appeal as unique and collectible assets.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Additionally, the halving <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">could increase transaction fees on the Bitcoin network,<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> incentivizing miners to process Ordinals transactions and secure the network.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">In the <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">latest edition of the &#8220;State of Crypto&#8221; report<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> published by <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">21Shares,<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> the largest provider of cryptocurrency exchange-traded products (ETFs) globally, it is suggested that<\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">\u00a0could offer Bitcoin more use cases<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, and that innovations such as <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Ordinals and BRC-20 tokens<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> could drive demand for Bitcoin and expand its use cases on the network.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TL;DR Bitcoin Ordinals sales down 61% in January, reaching $335 million from 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 out with $31.4 million in January, representing 67% of monthly sales. In January, Bitcoin Ordinals sales saw a &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Bitcoin Ordinals Frenzy Cools Off! Sales Plummet 61% in January Despite ETF Hype\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/bitcoin-ordinals-frenzy-cools-off-sales-plummet\/#more-161158\" aria-label=\"More on Bitcoin Ordinals Frenzy Cools Off! Sales Plummet 61% in January Despite ETF Hype\">Read more<\/a><\/p>\n","protected":false},"author":33,"featured_media":161161,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[100,70,74],"tags":[4602,9799,4620,4656,5001],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/161158"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=161158"}],"version-history":[{"count":4,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/161158\/revisions"}],"predecessor-version":[{"id":161164,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/161158\/revisions\/161164"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/161161"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=161158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=161158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=161158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}