OKX’s Non-Fungible Token Trading Platform Surpassed Blur and OpenSea in Daily Trading Volume as NFT Enthusiasts Look to Continue Trading Bitcoin Ordinals NFTs.
OKX NFT Marketplace recorded a 24-hour trading volume of $50.33 million at 2:00 PM Hong Kong time, making it the largest NFT marketplace by daily trading volume. facts from DappRadar. Blur came in second with a daily trading volume of $13.21 million, followed by Magic Eden’s $7.63 million, UniSat’s $3.82 million and OpenSea’s $3.25 million.
“OKX has become the number one NFT marketplace after enabling trading of BTC Ordinals NFTs,” Nick Ruck, chief operating officer of ContentFi Labs, told The Block. “Blur and OpenSea have not yet allowed trading of these Bitcoin-based NFTs, so they are starting to fall behind in volume due to the massive demand for Ordinals.”
The rise of the OKX platform comes as NFT trading volume on the Bitcoin network rose to $305.44 million during the week of December 10 to 17 from $121.28 million the previous week, according to CryptoSlam. facts. NFT trading volume on Ethereum in the same week was $93.45 million, while Solana recorded $90.74 million.
“The main catalyst behind this remarkable growth can be attributed to OKX’s strategic support for BRC-20 tokens and Bitcoin Ordinals,” said RJ Ke, a researcher at Ethereum scaling firm Taiko. “This includes their collaboration with the UniSat Wallet to develop a cross-verification process for BRC-20 transaction indexing on the Bitcoin blockchain and the development of an official BRC-20 explorer.”
However, Ke added that it is crucial to emphasize that investment markets, especially those as young and dynamic as cryptocurrency, are prone to salience. “This trend is more pronounced in the crypto market due to its relative immaturity, the scarcity of comprehensive historical data, and the predominance of retail investors who are often influenced by market hype.”
Bitcoin Ordinals has been the talk of the town since earlier this year, with many companies trying to capitalize on the trend. For example, Ordinals-based Tap Protocol announced this weekend that this is the case Raised $4.2 million developing on Bitcoin.