In a significant feat, OKX’s non-fungible token (NFT) platform has surpassed major competitors like OpenSea, Blur, and Magic Eden in terms of 24-hour trading volume. On December 18, the OKX NFT Marketplace boasted an impressive $50 million in daily trading volume, as reported by DappRadar.
Although the platform’s trading volume has slightly decreased to $35 million, it continues to outpace its rivals. The combined 24-hour trading volume of Blur, Magic Eden, and OpenSea stands at only $24 million, highlighting OKX’s commanding position in the NFT landscape.
The remarkable surge in trading volume on OKX’s platform can be attributed to the introduction of Bitcoin Ordinals trading. According to CryptoSlam, the Bitcoin network has outperformed Ethereum and Solana in NFT sales volume, reaching an astounding $404 million over the past 7 days. Meanwhile, Solana saw over $95 million in sales volume, while Ethereum, once the primary blockchain for NFT trade volumes, observed $90 million.
This surge aligns with a broader resurgence in the NFT market, which saw the collective volume nearing $1 billion in November. During that period, there was a significant 114% increase in the average value of NFT transactions, surging from $126 to $270. This uptick suggests an increasing willingness among users to partake in higher-value trades.
