OKX NFT trading volume surpasses Blur, OpenSea amid Bitcoin Ordinals craze.
OKX’s non-fungible token trading platform has surpassed Blur and OpenSea in daily trading volume as NFT enthusiasts appear to keep trading. Bitcoin Ordinal NFT.
OKX NFT Marketplace recorded a 24-hour trading volume of $50.33 million as of 2 PM Hong Kong time, and is said to be the largest NFT marketplace by daily trading volume. data From DappRadar. Blur ranked second with a daily trading volume of $13.21 million, followed by Magic Eden with $7.63 million, UniSat with $3.82 million, and OpenSea with $3.25 million.
“OKX has become the leading NFT marketplace since enabling BTC Ordinals NFT trading,” Nick Ruck, Chief Operating Officer of ContentFi Labs, told The Block. “Blur and OpenSea are not yet allowing these Bitcoin-based NFT transactions, so they are starting to lag behind in terms of transaction volume due to the huge demand from Ordinals.”
The rise for the OKX platform comes as NFT trading volume on the Bitcoin network increased to $305.44 million from December 10 to December 17, up from $121.28 million the previous week, according to CryptoSlam. data. In the same week, Ethereum’s NFT trading volume reached $93.45 million, while Solana’s volume reached $90.74 million.
“The main catalyst for this incredible growth can be attributed to OKX’s strategic support for the BRC-20 token and Bitcoin ordinal,” said RJ Ke, a researcher at Taiko, an Ethereum scaling company. “This includes working with UniSat Wallet to develop a cross-validation process for indexing BRC-20 transactions on the Bitcoin blockchain and to develop an official BRC-20 explorer.”
However, Ke added that it is important to highlight that investment markets, especially ones as nascent and dynamic as cryptocurrencies, are vulnerable to salience bias. “This trend is even more pronounced in the cryptocurrency market due to its relative immaturity, lack of extensive historical data, and the preponderance of retail investors who are influenced by market hype.”
Bitcoin Ordinals have been a hot topic in the industry since the beginning of this year, with many companies attempting to capitalize on the trend. For example, the ordinal-based Tap Protocol was announced last weekend. $4.2 million raised Developing with Bitcoin.
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