Īccording to Petscher, the next NFT bull run will follow the cryptocurrency market. “Projects that do not carry utility for new users and that do not focus on mass adoption, quickly lose their significance and are unlikely to recover at the next bull run,” said Atterman. The decrease in revenue is likely indicative of a general downturn in the NFT market, affecting all types of NFT services and not just Ordinal inscriptions.”ĭavid Atterman, the chief executive officer of crypto-based engagement platform Most.Fan, agreed with Liann, attributing the falling profitability of Ordinals to the poor performance of the overall NFT market. “Instead, it points to a broader trend in the NFT market as a whole. “The decline in total revenue for NFT services on the Bitcoin network after May does not necessarily signify a lack of interest in Ordinal inscriptions specifically,” Anndy Lian, author of NFT: From Zero to Hero, told Forkast. Bitcoin and crypto in general running will fix both of these issues,” said Petscher.Īlthough key performance indicators for Ordinals tumbled in July, the Bitcoin network maintained its position as the month’s second most active blockchain in the world for NFTs ranked by sales volume with over US$64.9 million, trailing Ethereum’s US$273.9 million, CryptoSlam data shows. “There’s too much potential on the crypto side of things for traders to want to trade NFTs or Ordinals right now, and there’s also a bit of a liquidity issue. At its peak in March, Ordinals traded at an average value of US$9,357.Īccording to Yehudah Petscher, NFT strategist at Forkast Labs, the weaker Ordinals price reflects lower NFT sales volume, as declining interest from buyers pushes sellers to lower prices. The average sale price for Ordinals fell to US$214.03 in July from US$900 in June and US$1,178 in May, according to CryptoSlam data. Profits from secondary market sales have also been declining. “As we often see in other vital innovations recorded in the industry in the past, Ordinals are bound to regain their momentum after a remarkable use case is tagged with them,” he said. Tirman said that the introduction of Ordinals came with an “unsustainable hype that has largely cooled off,” and that its recovery is a matter of time.
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