Tuesday, 20 February 2024

Crypto News

OKX NFT platform tops Blur and OpenSea in daily trading volume

OKX NFT platform tops Blur and OpenSea in daily trading volume

Crypto exchange OKX’s nonfungible token (NFT) arm surpassed the 24-hour trading volume of other prominent NFT marketplaces like OpenSea, Blur and Magic Eden. 

On Dec. 18, the OKX NFT marketplace recorded a daily trading volume of around $50 million at around 10:00 am UTC, according to decentralized applications (DApp) data tracker DappRadar. 

At the time of writing, the platform’s trading volume has dropped to $35 million. However, OKX’s NFT arm is still ahead of its competitors Blur, Magic Eden and OpenSea, which have a combined 24-hour trading volume of around $24 million. 

24-hour NFT trading volume by marketplace. Source: DappRadar

The NFT marketplaces’ trading volume surged as the platform offered Bitcoin Ordinals trading. Data from NFT tracker CryptoSlam shows that the Bitcoin network had a massive week, with a sales volume of $367 million, surpassing Ethereum and Solana, which had $91 million in their weekly trading volume. 

The shift in sales volume for Bitcoin NFTs came as early as Dec. 12. On that date, the Bitcoin network had a daily NFT sales volume of $24 million, followed by Ethereum with around $16 million and Solana with $6 million.

Related: Daily gas spent on EVM inscriptions surges to record high of $8M

Apart from Bitcoin Ordinals, the broader NFT space has also experienced a comeback, with the space’s collective volume nearing $1 billion in November. During that month, the average value of NFT transactions surged by 114%, going from $126 to $270, suggesting that users are more willing to perform higher-value trades than in the previous months. 

Magazine: Ordinals turned Bitcoin into a worse version of Ethereum: Can we fix it?