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The trading volume of Bitcoin&#8217;s native NFTs, known as Bitcoin Ordinals, hit more than $210 million in the second quarter of this year, according to data aggregated from Crypto Slam.



Bitcoin Ordinals&#8217; trading volume in the first quarter recorded only $7.18 million and hiked to reach over $210 million in the second quarter, which represents a 2834% increase, <a href="https://cointelegraph.com/news/bitcoin-ordinals-volume-hits-210-million-in-q2-2023" target="_blank" rel="noreferrer noopener">Cointelegraph reported</a>.



These numbers reflect the booming popularity of Bitcoin Ordinals, some of which were the most expensive NFTs sold over weeks during this quarter.



At the time of writing, the total volume of Bitcoin Ordinals surpassed $266.4 million, while their trades reached 568,642, with more than 150,000 unique traders contributing to this flourishing sales in 2023 who sharply increased in May, according to data collected from Dune blockchain analytics. The majority of unique users by the marketplace are UniSat, Magic Eden, and Ordinals Wallet.



In May, the monthly <a href="https://upyo.com/en/news/tags/nft-trading">trading volume of NFTs</a> and meme coins on the Bitcoin blockchain significantly increased, surpassing Solana’s volume.



Launched by developer Casey Rodarmor on January 20, Ordinals represents a groundbreaking approach to creating NFTs on the Bitcoin mainnet. Although Bitcoin-based NFTs aren’t entirely new, with layer-2 networks like Counterparty and Stacks facilitating them, Ordinals offers a unique perspective on NFTs within the Bitcoin ecosystem. This innovative method avoids the use of sidechains or layer-2 solutions, opting instead to store NFTs natively on the Bitcoin blockchain.



Upgrades of Bitcoin, such as the SegWit and Taproot upgrades, have remarkably contributed to the development of Ordinals, offering increased flexibility within the Bitcoin ecosystem.

Bitcoin Ordinals

Bitcoin Ordinals’ Trading Volume Over $210 Mln in Q2

The global crypto market saw a state of optimism once again after its total capital market exceeded $1 trillion, <a href="https://dappradar.com/blog/october-blockchain-industry-report?fbclid=IwAR3q2DYUJdobgpjiI5x6ZHD8yQWlNLTtTHTAHerOsD-s_j1ThAKIK-ECios" target="_blank" rel="noreferrer noopener">according to Dappradar</a>.



In its report, Dappradar said in terms of cryptocurrencies, Dogecoin was the luckiest cryptocurrency regarding its performance. Dogecoin closed at $0.12 this month, with a 50% increase since the beginning of the month. The growth was driven by Elon Musk&#8217;s acquisition of Twitter worth $44 billion.



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Regarding the NFTs, the trading volume of NFTs was down by 30% from September, recording $662 million, the lowest amount registered this year. Moreover, the value of total sales declined by 30% month-over-month.



Nevertheless, the report mentioned a growth in the number of unique traders by 18% to 1.11 million, saying it shows that new people are becoming more interested in entering the NFT industry and that the demand is still high.



In terms of cryptocurrencies, Ethereum continues its downward trend in the NFT trading volume. In October, it registered $324 million with a decline of 21%, the lowest NFT trading volume registered since June 2021. Also, Solana&#8217;s trading volume decreased by 49%, recording $66 million.



According to the report, due to the NFTs hype, more companies begin to look to NFTs as a way to collect money, however, companies should be aware of legal requirements that limit the use of NFTs for fundraising.



Dappradar pointed to the increasing competition among the NFT marketplaces in October.



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Opensea was dominant with a percentage of 47.8. The trading volume of NFTs declined by 8.3%, compared to August, registering as the NFT trading volume plunged by 12.1%, recording $313 million month-over-month. This is the lowest trading volume recorded since July 2021.



While the X2Y2 marketplace, which came in second place, boosted its dominance on NFTs trading volume this month, recording 27.7% (+8.4%). Despite the increasing dominance, the NFT trading volume month-to-month declined by 38.82% ($181 million). It is worth mentioning that X2Y2 debuted an NFT loan feature that aims to attract more users without imposing any charges.



Also, Magic Eden bolstered its dominance in October by 2.3% compared to August, registering 9.4%. However, the trading volume of NFTs declined by 52.07% ($61 million) month-over-month.



The report concluded that despite fluctuations in the global market, NFTs and their marketplaces are still showing strong signs of resilience.

NFTs

Crypto

Dappradar Says Capitalization of Global Crypto Market Surpasses $1 Trillion

The volume of trade of non-fungible tokens (NFTs) went down around 97% since the beginning of 2022, according to figures released by <a href="https://dune.com/thomas_m/NFT-stats">Dune Analytics</a>, a crypto analytics data company.



Dune&#8217;s figures show a decline in the trading volume from $17 billion in January this year to $466 million in September, reflecting the loss of about $2 trillion in the market capitalization of the crypto market between November 2021 and July 2022.&nbsp;



The charts include data collected from well-known trading platforms such as OpenSea, LooksRare, LarvaLabs, NFTX, Foundation, and Rarible.&nbsp;



According to DappRadar, the number of traders of NFT projects dropped by only 5%, however, the sales of NFT projects on OpenSea saw a decrease of 75%.&nbsp;



Interestingly, the number of wallets that have at least one NFT has jumped to 6.14 million, compared to 3.36 million at the end of January. Cointelegraph referred to a big change that the NFT marketplaces witness from the beginning of the year, where OpenSea became responsible for most of the dollar trading volume after it was under the responsibility of LooksRare.&nbsp;



Moreover, NFTs&#8217; prices saw a sharp decrease along with a decline in the price of Ethereum (ETH), the most common crypto used to buy and sell digital art and collectibles. An NFT could be sold worth $285, compared to $2,000 in January.&nbsp;



In July, Block Research, a platform for providing detailed insights into the digital asset ecosystem, pointed out that the volume of NFTs trading hit $12.22 billion in the second quarter of 2022, compared to $33.88 million in the first quarter of 2022, with a decline of 63.93%.&nbsp;



However, this downturn does not stop companies like Starbucks, Tiffany&#8217;s, and Gucci from recently experimenting and launching NFTs in their business strategies.&nbsp;



NFT is a form of digital asset that showcases real-world artifacts such as music, arts, precious gems such as diamonds, in-game stuff, and many more. They are often encrypted with similar software as any other cryptos and are purchased and sold online with cryptocurrency.



No NFT is the same, and it’s not similar to any other in respect to value or property. Every NFT is allotted a digital hash differentiating it from other NFTs. This distinct trait enables an NFT to be used as proof of provenance.

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