OKX NFT Marketplace Trading Volume Exceeds $50 Million daily due to Ordinals Surge 

  • Thanks to Bitcoin Ordinals, the OKX NFT Marketplace has surpassed OpenSea, Blur, and MagicEden in trade volume, with over $50 million clocked in a day.
  • More people used UniSat, a different NFT marketplace with a concentration on Bitcoin, than OpenSea, which brought in $3.3 million.
  • Ordinals have been profitable for miners, who received over 2250 BTC in transaction fees.

OKX’s NFT has surpassed prominent competitors including Blur, Magic Eden, and OpenSea, boasting an astounding daily trading volume of more than $50 million.

This milestone, which was recorded on December 18 at roughly 10:00 a.m. UTC, according to DappRadar, showed the market dominance of OKX NFT Marketplace.

The platform nevertheless maintains a substantial advantage over other well-known NFT marketplaces, albeit seeing a modest decline in daily trade volume to $35 million.

The supremacy of OKX NFT Marketplace is shown in the $24 million 24-hour trading volume of Blur, Magic Eden, and OpenSea combined. 

Ordinals have been criticised as a waste of Bitcoin transaction blockspace by some critics while some have appreciated the new standard for increasing the number of transactions that produce the transaction fees required to motivate miners to safeguard the network. Transaction fees from more than 49 million transactions have totaled more than 2250 BTC.

The platform’s introduction of Bitcoin Ordinals trading is the reason for the increasing trading volume. The NFT marketplace saw a notable spike in activity as a result of this development. For BRC-20 transactions based on ordinal inscriptions, OKX collaborated with UniSat, a company that makes wallets for Ordinals, to develop an indexing system. Not long after came a blockchain explorer.

With $367 million in sales, Bitcoin had a remarkable week, topping the combined weekly trade volumes of Ethereum and Solana, which came to $91 million, according to CryptoSlam.

In terms of daily NFT sales volume, the Bitcoin network overtook Ethereum ($16 million) and Solana ($6 million) on December 12.

The NFT market as a whole is rebounding; in November, total volume was close to $1 billion. The average NFT transaction value increased by 114% during the period, from $126 to $270, indicating that customers are notably making higher-value transactions.

With the latest update from OKX Wallet, users can now list their Solana NFTs on three marketplaces:

The OKX NFT Marketplace offers customers access to NFT listings on eight prestigious marketplaces, including OpenSea, MagicEden, LooksRare, and Blur. It is a multi-chain, zero-fee NFT marketplace.

Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Puskar Pande

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