Bitcoin Ordinals NFT sold for $7m as the market recovers

The global non-fungible token (NFT) sales have plunged significantly since early 2022 when the crypto market entered the bear zone. However, with the current bull run, sales have risen from the ashes, with a $7 million deal in the past 24 hours.

According to data provided by CryptoSlam, an uncategorized Ordinal collectible on the Bitcoin network was sold for 232.9 BTC, worth $7.05 million at the time of the transaction — at around 06:00 UTC on June 22.

Data shows that the NFT was minted on June 8 on block number 793391 and has been traded 18 times over the past two weeks. With the current sales, the 24-hour trading volume of the Ordinals has skyrocketed by 220%, reaching $7.36 million.

However, the number of Ordinals’ buyers and sellers plunged by 64.5% and 48.2%, respectively.

CryptoSlam data shows that the number of Ordinals owners is up by 0.61% in the past 24 hours, reaching 259,254. Users hold these collectibles for 2.42 days on average, showing a notable number of short-term trades.

Furthermore, the total value of NFT sales has plunged by 17.8% over the past 30 days, falling to around $665 million, CryptoSlam data shows. 

The number of global digital art buyers and sellers, on the other hand, has risen by 12.7% and 6%, respectively.

Last month, the founder of Bitcoin Ordinals, Casey Rodarmor, stepped down from leading the team after the platform surpassed 10 million user subscriptions. He declared Raph as the “lead maintainer” of the Ordinals.