November 17, 2023
By Anjali Kochhar
A drop in Bitcoin’s NFT sales is similar to Ethereum’s early issues; is the original blockchain prepared for a resurgence in the collectibles industry?
If you didn’t get these ordinals and BRC-20s earlier this year, it’s unlikely that you will in the near future. To be honest, the items themselves and the user experience are still a little rudimentary when it comes to tech. In this bear market, Bitcoin blockchain collectibles have suffered greatly since they are not yet shiny enough to draw the trading volume that it sees elsewhere. They’re still gems in the rough, and according to Forkast.news, you might be feeling a bit too pessimistic about what lies ahead for Bitcoin.
Orderals and BRC-20s aren’t selling as well, and if you just look at this year, their total reduction of non-fungible tokens is more than other blockchains. Bitcoin fell 93% from their peak in May, when they were valued at US$196 million, to US$11.9 million in August. While Solana is down 77% and Polygon is down 49%, Ethereum has declined 73% from its 2023 peak of US$969 million in February to US$226 million in August.
While some have drawn parallels with comparable figures, you might find the comparison inappropriate, especially given the current highly speculative market and bubbles surrounding new technologies. The BRC-20s and ordinals of Bitcoin only entered the scene this year, adding to the sales bubble seen across all chains during their initial NFT surges last year. It’s challenging to distinguish any notable difference between Bitcoin’s 93% decrease and the others when comparing each blockchain’s monthly sales all-time high to August 2023.
Since January 2022, Ethereum has dropped 95% from its top of US$4.9 billion, while Polygon and Solana have both decreased 90% from their heights from the previous year.
You might agree that there’s no debate over the significance of this analogy, just as there’s no doubt among us regarding Bitcoin’s widespread acceptance and security. The two criticisms of Bitcoin you mentioned: the absence of smart contracts and the overall flaws in wallets, marketplaces, and other aspects bear a resemblance to Ethereum’s early days. Back then, Ethereum lacked both smart contracts and dealt with marketplaces like OpenSea that occasionally took days to load. Now, just over six months into its roadmap, Bitcoin is precisely where it should be.
The greatest brands in NFTs, maybe even Beeple, will adopt it once the quality issue is resolved.
Three significant events that occurred in the Bitcoin ecosystem last week provided evidence that some of the most well-known NFTs are already treating Bitcoin with greater seriousness than before.
On Chain Monkeys, an Ethereum-based company, declared that they would be converting their whole 10k edition collection to Bitcoin. How come? It’s in their name; it matters that you live on a blockchain. OCM is fully committed to promoting its cryptocurrency as it moves forward, seeing a chance to become the most well-known PFP on the platform given the certainty of Bitcoin’s durability.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.