Convulsions in Crypto: Bitcoin Ordinals’ Plummet, OpenSea’s Dutch-stop, and Frend.tech’s Rapid Growth

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An abstract representation of a fluctuating cryptomarket, Bitcoin Ordinals in deep plunge, OpenSea's tools in stalled motion, and Frend.tech's flourishing emergence. The artistic style must be a blend of impressionism and crypto-punk. Picture a scene limned in cool colors to indicate the downturns, dynamic light setting for dramatic contrast, and a springtime vibe to suggest the rapid growth. Evokes a sense of intrigue, anticipation, and dynamism.

With many evidenced fluctuations and abrupt shifts in the crypto world, significant movements have been noted around the Bitcoin Ordinals’ volume, OpenSea’s royalties, and the newly introduced decentralized social media platform, Frend.tech.

Bitcoin Ordinals, an NFT phenomenon, has seen a tremendous drop in trading volume, almost diving by 98% since May. With user activity showing alarming plunges, the once thriving marketplace amassing a sales volume of $452 million in May fell to around $3 million by mid-August 2022. Trading transactions also witnessed a similar slump, descending by around 97% to 20,571 within the same period. However, it’s crucial to note that such volatility in user engagement might provide a new base for the next crypto bull run.

On another tangent, OpenSea validly announced the disabling of its on-chain royalty enforcement tool — Operator Filter, effective from 31st August. This feature was initially introduced in November 2022, providing creators the leverage to blacklist NFT marketplaces, violating royalty enforcements. As a result of this unexpected turn of events, Yuga Labs terminated its existing support contract with OpenSea, stating its intention to gradually wind down OpenSea support for “all upgradable contracts and any new collections.”

On the bright side, Frend.tech, a new decentralized social media platform, emerged with quite a hype, rapidly signing up over 100,000 new users since its official Beta launch on August 11. The platform appreciated for its role in attracting an influx of people, including non-crypto figures like popular gaming YouTuber Faze Banks and the Russian protest group, Pussy Riot. Nevertheless, while the crypto industry commended the app for its facilitation, some individuals expressed concern regarding the sustainability of its rapid growth phase.

These crypto affairs have raised numerous speculations and criticisms. How sustainable will the Frend.tech growth be? Will the Bitcoin Ordinals be able to recover from its slump? And was the intervention by OpenSea in disabling its royalty enforcement tool a strategic move or an error? Only a peek into the imminent future can accurately answer these. Crypto enthusiasts and stakeholders must hence, stay informed following the dynamic crypto market trends for sensible decision-making.

Source: Cointelegraph

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