OKX, a cryptocurrency exchange, has seen its NFT (nonfungible token) marketplace achieve a significant milestone, outstripping the daily trading volumes of well-known NFT platforms like OpenSea, Blur, and Magic Eden.
On December 18, OKX NFT Marketplace hit a remarkable 24-hour trading volume of approximately $50 million as of 10:00 am UTC, as reported by DappRadar, a decentralized applications data tracker.
Although the trading volume later decreased to $35 million, OKX’s NFT marketplace remained at the forefront, leading its competitors Blur, Magic Eden, and OpenSea, which collectively accounted for about $24 million in 24-hour trading volume.
The surge in OKX’s trading volume was primarily driven by the introduction of Bitcoin Ordinals trading. CryptoSlam, an NFT monitoring platform, indicated that the Bitcoin network experienced a significant week in sales, achieving $367 million and outpacing both Ethereum and Solana, which had a combined weekly trading volume of $91 million.
This trend began to take shape around December 12, with Bitcoin’s daily NFT sales volume reaching $24 million, exceeding Ethereum’s $16 million and Solana’s $6 million.
Besides Bitcoin Ordinals, the overall NFT sector has also witnessed a resurgence, with the total volume approaching $1 billion in November. In the same month, the average transaction value in the NFT space increased by 114%, rising from $126 to $270. This indicates a growing willingness among users to engage in higher-value NFT trades compared to previous months.