On September 14th, Jason Fang, the founder of Sora Ventures, excitedly shared on the social media platform X that he had just acquired a Bitcoin Ordinals – OCM Dimensions 300 #215 for 4 BTC, which is valued at $106,000 USD. This is believed to be the highest price ever paid for a Bitcoin Ordinals (excluding BRC-20).
OCM Dimensions 300 is a collection of 300 vintage NFTs issued on the Bitcoin network by OnChainMonkey. The current market price for this NFT collection is 0.39 BTC.
Regarding Bitcoin Ordinals (Bitcoin NFTs), this narrative made headlines in the first quarter of 2023, with trading volumes peaking at $452 million USD in May 2023. However, community interest quickly faded, and the market shifted to other trends, leading to a significant decline in Bitcoin Ordinals.
Specifically, in June, trading volumes plummeted by 76.5% to $106 million USD. July continued to see a decrease of 66.9%, with only $35 million USD in trading volume.
Just when it seemed that Bitcoin NFTs/Ordinals/BRC-20 were fading into obscurity, in July 2023, this narrative unexpectedly regained momentum as daily Inscription counts increased by more than 250%, thanks to Ordinals Luminex introducing the BRC-69 token standard—a more advanced version of BRC-20, aimed at reducing the minting cost of Ordinals to below 90%.
It’s evident that Bitcoin Ordinals still have significant development potential, and they are not merely a “here today, gone tomorrow” trend.