OKX's NFT Division Outpaces Major Marketplaces, as Bitcoin Ordinals Drive Volume Surge
Summary:
Surpassing prominent NFT marketplaces, OKX's NFT division recorded a daily trading volume of around $50 million on December 18, as per DappRadar. Despite current drop to $35 million, it remains ahead of competitors. The surge in trading volume is associated with the introduction of Bitcoin Ordinals trading. Bitcoin network's sales volume hit $367 million within a week, exceeding Ethereum and Solana. Bitcoin NFT's sales volume influx started on December 12. A general resurgence in the NFT sector was noted in November, with total volume nearing $1 billion and a 114% surge in average NFT transaction value from $126 to $270.
The nonfungible token (NFT) division of cryptocurrency exchange OKX outdid the 24-hour trading volume of notable NFT marketplaces such as OpenSea, Blur, and Magic Eden. On December 18, DappRadar, the decentralized applications (DApp) data monitor, identified that the daily trading volume at OKX NFT marketplace approximated $50 million, as of 10:00 am UTC. At present, while the platform's trading volume has lessened to $35 million, it still outpaces its rivals, Blur, Magic Eden, and OpenSea, with their total 24-hour trading volume reaching near $24 million. This substantial rise in the trading volume of NFT marketplaces is attributed to the introduction of Bitcoin Ordinals trading. NFT tracker, CryptoSlam, provided data that demonstrated the Bitcoin network experienced a substantial week, with a sale volume standing at $367 million, thereby exceeding Ethereum and Solana's weekly trading volume of $91 million. This influx of Bitcoin NFT sales began on December 12, when the Bitcoin network observed a daily sale volume for NFT worth $24 million, closely followed by Ethereum at roughly $16 million, and Solana at $6 million. Beyond Bitcoin Ordinals, the broader NFT domain has also observed a resurgence, with the total volume in November approaching $1 billion. During this period, the average worth of NFT transactions ballooned by 114%, rising from $126 to $270, indicating a growing propensity amongst users to engage in higher-value trades than in previous months.
Published At
12/18/2023 4:06:00 PM
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