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.
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.
Guess which #Bitcoin NFT collections are in the gallery
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￣￣￣￣￣— OKX (@okx) December 18, 2023
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.
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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?
