Crypto Exchange OKX NFT Marketplace Surpasses Competitors in Trading Volume
The nonfungible token (NFT) arm of crypto exchange OKX has achieved a higher 24-hour trading volume than other prominent NFT marketplaces like OpenSea, Blur, and Magic Eden.
According to decentralized applications (DApp) data tracker DappRadar, on December 18, the OKX NFT Marketplace recorded a daily trading volume of approximately $50 million at around 10:00 am UTC. Although the trading volume has since dropped to $35 million, the OKX NFT Marketplace still remains ahead of its competitors with a combined 24-hour trading volume of around $24 million.
Bitcoin Ordinals Trading Boosts OKX NFT Marketplace’s Volume
The surge in trading volume for the OKX NFT Marketplace can be attributed to the introduction of Bitcoin Ordinals trading. Data from NFT tracker CryptoSlam reveals that the Bitcoin network experienced a massive week with a sales volume of $367 million, surpassing Ethereum and Solana, which had a combined weekly trading volume of $91 million.
Broader NFT Space Shows Comeback in Trading Activity
In addition to Bitcoin Ordinals, the broader NFT space has also seen a resurgence. In November, the collective volume of the NFT space reached nearly $1 billion. During that month, the average value of NFT transactions increased by 114%, indicating that users are more willing to engage in higher-value trades compared to previous months.
Hot Take: OKX NFT Marketplace Emerges as Strong Competitor in the Industry
The OKX NFT Marketplace has demonstrated its strength by surpassing competitors in terms of trading volume. With its introduction of Bitcoin Ordinals trading, the platform has attracted significant attention and achieved impressive sales figures. This success reflects the growing interest in NFTs and suggests that users are increasingly willing to participate in higher-value trades. As the broader NFT space experiences a comeback, the OKX NFT Marketplace is well-positioned to capitalize on this trend and establish itself as a formidable player in the industry.
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