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OKX NFT Marketplace Tops Charts with $50M Daily Trading Volume

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OKX NFT Marketplace Tops Charts with $50M Daily Trading Volume

  • The aggregate 24-hour trading volume of Blur, Magic Eden, and OpenSea is around $24M.
  • According to DappRadar, the OKX NFT Marketplace had a daily trading volume of over $50M.

The 24-hour trading volume of known NFT markets, including OpenSea, Blur, and Magic Eden, was eclipsed by the NFT arm of crypto exchange OKX. According to DappRadar, the OKX NFT Marketplace had a daily trading volume of over $50 million at roughly 10:00 am UTC on December 18.

The platform’s trade volume has decreased to $35 million lately. The aggregate 24-hour trading volume of Blur, Magic Eden, and OpenSea is around $24 million, putting OKX NFT Marketplace ahead of the pack.

Bitcoin Ordinals Craze

The introduction of Bitcoin Ordinals trading caused a dramatic increase in the NFT marketplace’s trading volume. According to NFT tracker CryptoSlam, Bitcoin had a tremendous week, with sales volume of $367 million. This was more than Ethereum and Solana combined, which witnessed $91 million together in weekly trading volume.

The Bitcoin network shifted to having a daily NFT sales volume of $24 million on December 12th, followed by Ethereum with roughly $16 million and Solana with $6 million.

The whole NFT market, not just Bitcoin Ordinals, has also seen a renaissance; in November, the sector’s total volume was close to $1 billion. Users seemed to be more eager to make higher-value trades than in prior months, as the average value of NFT transactions increased by 114%, from $126 to $270, during that month.

Strategic backing for BRC-20 tokens and Bitcoin Ordinals by OKX is largely responsible for this astounding rise. Since early this year, Bitcoin Ordinals has been the topic of industry buzz, with several organizations trying to cash in on the craze.

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