Bitcoin Ordinal inscriptions rebounded in a big way in July, but sales volumes measured by dollar value cratered as demand wanes.
Even though July 30 saw a new daily record with more than 422,000 inscriptions, according to a Dune Analytics dashboard, sales volumes for the Bitcoin NFTs are on pace to finish nearly 50% lower than last month.
Ordinals, which were launched in January, allow for the creation of NFTs on Bitcoin through a process that's been dubbed as "inscription."
Bitcoin Ordinals trading volume
CryptoSlam! trading data shows that Bitcoin Ordinal trading volume in July will likely post a total of about $65 million, a nearly 50% decrease from June when volumes neared $120 million.
The average sales price and number of buyers also declined over the period to about $460 per Ordinal and roughly 27,000 unique buyers, down from $604 per Bitcoin NFTs with more than 54,000 buyers.
July’s spike in inscriptions despite depressed trading is likely due to Luminex, an Ordinals launchpad, releasing a modified BRC-20 standard earlier this month that helps reduce fees associated with inscriptions, The Block Research Analyst Rebecca Stevens said.
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