OKX's NFT Platform Outpaces Major Competitors; Bitcoin Network Sees Enormous Sales Volume
Summary:
OKX's NFT platform outdid other leading NFT marketplaces such as OpenSea, Blur, and Magic Eden, in 24-hour trading volumes, securing around $50 million as of 10 am UTC, Dec. 18, according to DappRadar. The increase was spurred by Bitcoin Ordinals listing, leading to a week's sales volume of $367 million on the Bitcoin network. The broader NFT sector also saw a surge, with November's volume nearing $1 billion and an average transaction value of $270.
OKX, a cryptocurrency exchange's NFT (nonfungible token) platform, managed to overtake the 24-hour trading volumes of other leading NFT exchanges like OpenSea, Blur, and Magic Eden recently. The statistics from DappRadar, a decentralized applications data tracker, revealed that on December 18, the OKX NFT marketplace secured around $50 million in daily trading volume as of 10:00 am UTC. Presently, trading volume stands at approximately $35 million, still surpassing the combined 24-hour volumes of Blur, Magic Eden, and OpenSea, which tally to about $24 million.
The trading volumes soared, primarily driven by the listing of Bitcoin Ordinals. CryptoSlam's data indicates a terrific week for the Bitcoin network, featuring a sales volume of $367 million that outshone Ethereum and Solana's $91 million in weekly trading volume.
The trading volume surge for Bitcoin NFTs initiated on December 12 when Bitcoin's daily NFT sales volume hit $24 million, outpacing Ethereum's roughly $16 million and Solana's $6 million.
Alongside Bitcoin Ordinals, the broader NFT space also experienced flourishing trading volume, nearing $1 billion in November. The average value of NFT trades in the same month shot up by 114%, transitioning from $126 to $270, suggesting an increased propensity within users to engage in higher-value transactions compared to previous months.
Published At
12/18/2023 4:06:46 PM
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