According to data from DappRadar, the OKX NFT marketplace has secured a 32% dominance in the NFT sector, surpassing OpenSea in trading volume.
In a blog post on December 7, 2023, DappRadar rounded up the top marketplaces for trading digital collectibles that provided the most liquidity in November 2023. According to the data, the Blur marketplace was ranked as the top platform, with a 35% share of NFT trading volume and generating $345 million in transactions in November 2023.
Top NFT Trading Platforms by Volume | Source: DappRadar
OKX NFT, a digital marketplace powered by the OKX crypto exchange, appeared to be the second-largest NFT platform last month, surpassing OpenSea in trading volume. According to DappRadar, OKX NFT secured a “substantial 32% dominance in the NFT sector,” overtaking OpenSea, which currently has a 10% market share in terms of trading volume.
Still, DappRadar Blockchain analyst Sara Gherghelas noted that OpenSea remains the top platform in terms of user base with over 190,000 registered accounts as of November 2023. She also suggested that OKX had succeeded in its efforts thanks to its bet on a unique offering of Bitcoin Ordinals artwork.
You might also like: Binance mentions ORDI and confuses it with the Bitcoin Ordinals project
However, it remains to be seen if OKX could retain its title as Bitcoin Core developers plan to get rid of Inscriptions, essentially putting an end to Bitcoin Ordinals and BRC-20 tokens.
As crypto.news reported, Bitcoin Core developer Luke Dashjr hopes to put an end to BRC-20 tokens and Bitcoin-based NFTs with a series of upgrades, as these products appear to spam the network, leading to an excessive amount of data is being saved. on the blockchain.
Bitcoin Ordinals are non-fungible tokens that allow data to be inscribed on a satoshi, the smallest division of a Bitcoin. Since its launch in January 2023, the protocol has seen the inscription trend take off, minting thousands onto the Bitcoin network. This has led to congestion and spikes in transaction fees, which peaked in April and May 2023.
Read more: VC giant Tiger Global has reportedly cut its stakes in OpenSea and NFT collection BAYC