Since the beginning of 2022, when the cryptocurrency market entered a bear market, the worldwide sales of non-fungible tokens (NFT) have sharply decreased. But thanks to the current bull run, sales have recovered, with a $7 million purchase closing on the previous working day.
Data from CryptoSlam shows that at roughly 06:00 UTC on June 22, an unclassified Ordinal collectable was sold on the Bitcoin network for 232.9 BTC or $7.05 million at the time of the transaction.
The NFT was minted on June 8 on block 793391, according to data, and has been exchanged 18 times during the last two weeks. The 24-hour trading volume of the Ordinals has soared by 220% with the recent transactions, reaching $7.36 million.
The number of purchasers and sellers of Ordinals, however, fell by 64.5% and 48.2%, respectively.
According to CryptoSlam data, there are now 259,254 more Ordinals owners than there were a day before. Users retain these collectables for an average of 2.42 days, indicating a significant amount of short-term trades.
Additionally, according to data from CryptoSlam, the overall amount of NFT sales has decreased by 17.8% during the last 30 days, falling to about $665 million.
On the other hand, there are now 6% more and 12.7% more global purchasers and sellers of digital art, respectively.
After the platform reached 10 million user subscriptions last month, Casey Rodarmor, the platform’s founder, resigned as team leader. Raph was referred to as the Ordinals’ “lead maintainer” by him.