- NFT volume counting is contentious, particularly concerning Ordinals.
- Some argue all Ordinals count, while others favor Image Inscribed only.
- This debate influences the perception of NFT market size and evolution.
New questions arise as frequently as new assets in the burgeoning world of digital assets and Non-Fungible Tokens (NFTs). One such question that is capturing the attention of industry insiders is the counting of volume within NFT marketplaces, specifically in relation to Ordinals.
It makes me wonder, should all the Ordinals count as NFT Volume? Or only the Image Inscribed Ordinals?
Open for thoughts & discussion pic.twitter.com/o9NO8Mg0gA
— Tom Wan (@tomwanhh) May 25, 2023
Tom Wan, a prominent figure in the NFT community, recently ignited a discussion on this topic. He highlighted that 45% of the volume comes from BRC-20 tokens, and 22.1% of the total volume is generated by Ordinals, represented by the symbol $ORDI.
This statistic prompts us to question whether all Ordinals should be considered part of the NFT volume or if only Image Inscribed Ordinals hold relevance in this context.
According to reports, those who advocate for all Ordinals to be included argue that any NFT, regardless of whether it has an inscribed image, still represents a unique digital asset. As such, these NFTs should be included in the overall volume.
By this reasoning, all Ordinals have value and uniqueness and are therefore non-fungible, fulfilling the criteria of an NFT. Not including them might be a disservice and skew the actual representation of the NFT market dynamics.
On the other hand, those leaning towards only counting Image Inscribed Ordinals as NFT volume propose that including visual artwork elevates the value and uniqueness of an NFT. These enthusiasts maintain that the inscribed art adds creativity, personalization, and complexity to the token.
Therefore, only these Ordinals should contribute to the total volume, as they truly embody the spirit of NFTs, each token being unique and irreplaceable. While it may seem like a niche debate, whether all or only Image Inscribed Ordinals should count as NFT volume impacts the perception of the NFT market size and its evolution.