OKX's non-fungible token (NFT) platform has outperformed prominent rivals like OpenSea, Blur, and Magic Eden in terms of 24-hour trading volume.
OKX's non-fungible token (NFT) platform has outperformed prominent rivals like OpenSea, Blur, and Magic Eden in terms of 24-hour trading volume. According to DappRadar, on December 18, the OKX NFT Marketplace recorded a staggering $50 million in daily trading volume.
Although the platform's trading volume has since declined to $35 million, it still outshines its competitors. The combined 24-hour trading volume of Blur, Magic Eden, and OpenSea stands at a mere $24 million, highlighting OKX's dominance in the NFT space.
The surge in OKX NFT Marketplace's trading volume can be attributed to its introduction of Bitcoin Ordinals trading. According to CryptoSlam, the Bitcoin network eclipsed both Ethereum and Solana in terms of NFT sales volume, reaching a staggering $404 million over the past 7 days. Meanwhile, Solana managed over $95 million in sales volume while Ethereum, once the leading blockchain for NFT trade volumes, saw $90 million.
This development coincides with a broader resurgence in the NFT market, with the collective volume approaching $1 billion in November. During that month, the average value of NFT transactions witnessed a significant 114% increase, rising from $126 to $270, indicating a growing willingness among users to engage in higher-value trades.
Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
