Ordinals sales took a drastic fall in January, but the upcoming halving could reignite interest in Bitcoin-native NFTs
Bitcoin Ordinals inscriptions have been losing steam despite the interest in Bitcoin exchange-traded funds (ETFs) and the upcoming halving event.
Monthly Ordinals sales fell 61% to $335 million in January, down from $868 million in December, the month with the highest sales in Ordinals history, according to NFT data aggregator CryptoSlam. Ordinals are the first iteration of nonfungible tokens (NFTs) minted on the Bitcoin network.
The oversaturation of the NFT market and collections from other blockchains are among the main reasons behind the decline in Ordinals sales, according to Andy Lian, intergovernmental blockchain expert and author of the book “NFT: From Zero to Hero.”
