DappRadar, a leading analytics platform for decentralized applications (DApps), has recently highlighted a significant decline in user activity within the Bitcoin Ordinals nonfungible token (NFT) market. According to their report, trading volumes have plummeted by around 98% since May, with sales volume dropping from $452 million to approximately $3 million. This steep decline has raised concerns about the longevity and relevance of Bitcoin-based NFTs and has sparked a discussion about whether this is a temporary setback or a systemic problem for the market.
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