New record. Since the beginning of the year, the network Bitcoin is the center of attention thanks to Ordinals and other BRC-20 tokens. While some thought it was a passing trend, this one seems to be taking hold. Indeed, the Ordinals once again broke all records in July.
Record for Ordinals Enrollments
Ordinals is a protocol on Bitcoin that allows to tag satoshis and link content to them. Because of this, many users have taken to using them to issue NFTs on the Bitcoin network.
In practice, the process of marking a satoshi is called ” Registration », because the information is written in the data of the satoshi.
On July 30, the network broke a new registration record. In effect, more than 422,000 registrations were made in the space of 24 hours. This record replaces the previous one of 400,000 registrations on May 7th.
However, the atmosphere is not looking good on the volume side. Indeed, theOrdinals transaction volumes have fallen on Bitcoin. This fall can be explained in particular by low prices of Ordinals and the decrease in the number of buyers.
According to data from CryptoSlam!, Ordinals trading on Bitcoin is expected to generate $65 million in volume, almost 50% less than in June.
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Buyers and prices falling: end of the hype?
Despite the increase in registrations, we are entitled to wonder if the enthusiasm around the Ordinals is not starting to run out of steam.
On the one hand, we are witnessing a decrease in prices. The average price of an NFT Ordinals has thus fallen from 604 to 460 dollars.
On the buyer side, the marketplaces are emptying. Thus, we find 27,000 unique buyers in July, against 54,000 last June.
Thus, some observers attributed the increase in registrations to the platform Luminex which has just been launched and which proposes a modified BRC-20 standard to reduce registration fees.
On his side, the Bitcoin network celebrated the mining of the 800,000th block on the blockchain. One more block that brings us closer to the next halving of 2024.
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