Journalist
Posted:
- OKX’s trading volume reached $11.54 million, overtaking OpenSea and Blur
- OKX NFT Marketplace metrics began to decline after peaking on September 16
The NFT ecosystem, which had been in the background for several months, has once again gained momentum, thanks to all of you OKX NFT marketplace. The popular NFT marketplace saw a massive increase in trading volume, which rose to triple digits. The latest wave even allowed OKX to surpass OpenSea and Blur on certain fronts.
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OKX takes precedence over OpenSea and Blur
OKX NFT Marketplace trading volume increased 114% to $11.54 million on September 16, 2023, with a focus on gathering liquidity from other exchanges.
On that particular day, the NFT Marketplace even managed to surpass top marketplaces like OpenSea and Blur in terms of trading volume, which was commendable. This happened despite the fact that OKX’s active addresses remained lower than those of the other two.
OKX NFT Marketplace trading volume rose 114% to $11.54 million on September 16, surpassing Blur and OpenSea, with a focus on pooling liquidity from other exchanges. OKX NFT Marketplace’s total active addresses are approximately 49.6% from Blur and 14.8% from OpenSea,…
— Wu Blockchain (@WuBlockchain) September 17, 2023
Although there could be several factors at play, this could be a possible reason OKX The latest NFT Marketplace integration. A few weeks ago, OKX added support for the Base and Linea blockchains. The integration gave users access to NFTs across 17 blockchains, while bringing liquidity from OpenSea to the Base network.
Another reason could be the underperformance of OpenSea and Blur in recent weeks. As evidenced by Dune’s facts, the weekly trading volume of both marketplaces is on a downward trend. Not only that, but a similar trend of decline was also noticed in terms of their weekly users.
Source: Dune
Will this take long?
Although September 16 was a day to remember, things started to turn sour for OKX. The next day, the NFT marketplace metrics actually dropped. DappRadars facts pointed out that OKX’s trading volume fell from $11.5 million on September 17, 2023 to $7 million.
A few other metrics also followed the same trajectory. The weekly average number of users and transactions on the marketplace fell to 1,000 and 1,300 respectively. The same stats had figures of 1,600 and 2,000 when OKX’s volume soared a day ago.
Source: DappRadar
Read OKB’s price forecast 2023-24
While OKX NFT Marketplace metrics declined, the blockchain’s native token remained Okay‘s price chart turned green.
According to CoinMarketCapOKB is up more than 3% in the past seven days. At the time of writing, it was trading at $43.33 with a market cap of over $2.5 billion, making it the 25th largest crypto. The good news was that the uptrend was accompanied by an increase in trading volume, increasing the likelihood that the prevailing price trend would sustain itself.