Can Ordinals Protocol's Bitcoin NFTs be used to reverse the decline in NFT sales in 2023?

NFT Sales Decline in 2023 Can Ordinals Protocol’s Bitcoin NFTs Reversal? This is an important issue that many digital asset enthusiasts are concerned about. According to the latest data, sales in the NFT market will show a downward trend in 2023. However, a new protocol called Ordinals is attracting attention. This protocol uses Bitcoin as the basis for NFT and hopes to change the current situation by providing a higher degree of liquidity and transaction efficiency. So, can the Ordinals Protocol reverse the trend of declining NFT sales? Let's take a look.

Full-year sales were only US$8.7 billion, well below the US$23.74 billion in 2022 and the lowest level since 2019. However, the number of NFT transactions reached 90.6 million in 2023, exceeding the 54.85 million in 2022 and setting a record high. This could mean the market is attracting more new players, albeit with a lower average transaction price.

Bitcoin becomes the fourth largest NFT trading public chain

According to data from CryptoSlam, NFT sales with Bitcoin as the core have rapidly climbed to Fourth place, with total sales of US$1.85 billion. Although Ethereum's sales are still far ahead with $42.13 billion, it is really remarkable that the Bitcoin ecosystem has achieved such amazing results in a short period of time.

Ranked second is Solana with $4.63 billion, and Ronin Blockchain, known for Axie Infinity ($4.26 billion).

The best-selling NFT is Axie Infinity

NFT on the Ronin chain Axie Infinity is a game that continues to develop, although it is not as popular as it used to be , but in the NFT market, its total sales reached US$4.255 billion, surpassing other well-known blue-chip projects such as Bored Ape Yacht Club (BAYC) and Cryptopunks. This shows Axie Infinity’s strong performance in the NFT field.

On the other hand, despite the market recovery, the value of multiple blue-chip NFTs, such as BAYC and Cryptopunks, fell significantly last year.

On January 1, 2023, the floor price of BAYC was 69.49 Ethereum coins, and the ETH price at that time was US$1,195 per coin, equivalent to approximately US$84,000

January 2, 2024 At that time, BAYC's floor price had dropped to 26.17 Ethereum coins. Based on the latest price of Ethereum of about US$2,400, the value was only about US$62,000, a drop of more than 26%.

Through these data, we can see that although the overall sales of the NFT market will decline in 2023, the rise of Bitcoin NFT and the increase in the number of transactions indicate this. There is still new water flowing into the market.

Although Ethereum still dominates the NFT market, the emergence of new competitors such as Bitcoin NFT may cause greater changes in the NFT ecological landscape in the future.

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