OKX’s NFT Trading Platform Surpasses Blur and OpenSea in Daily Volume
OKX’s non-fungible token (NFT) trading platform has become the largest in terms of daily trading volume, surpassing competitors Blur and OpenSea. The platform recorded a 24-hour trading volume of $50.33 million, according to data from DappRadar. In comparison, Blur had a daily trading volume of $13.21 million, followed by Magic Eden, UniSat, and OpenSea.
NFT Trading Volume on Bitcoin Network Increases
The rise of OKX’s platform coincides with an increase in NFT trading volume on the Bitcoin network. In the week of December 10 to December 17, the trading volume reached $305.44 million, up from $121.28 million the previous week. Ethereum and Solana also saw significant NFT trading volumes during the same period.
OKX’s Support for BTC Ordinals Tokens Drives Growth
According to R.J. Ke from Ethereum scaling firm Taiko, OKX’s strategic support for BRC-20 tokens and Bitcoin Ordinals has been a primary catalyst for their growth. This includes collaborations with UniSat Wallet and the development of an official BRC-20 explorer. However, it is important to note that investment markets, particularly in cryptocurrency, are subject to saliency bias and market hype.
Bitcoin Ordinals Continues to Gain Industry Attention
The popularity of Bitcoin Ordinals has attracted attention from various firms looking to capitalize on the trend. Tap Protocol recently announced that it raised $4.2 million for Bitcoin development projects.
Hot Take: OKX Emerges as Leading NFT Marketplace
OKX’s NFT trading platform has surpassed Blur and OpenSea to become the largest marketplace by daily trading volume. The rise in NFT trading volume on the Bitcoin network has contributed to OKX’s success. With its strategic support for BTC Ordinals tokens, OKX has gained a competitive edge in the market. However, it is important to approach investment markets with caution, as they are prone to saliency bias and hype-driven trends.
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