OKX NFT Marketplace Leads the Way
Crypto exchange OKX's nonfungible token (NFT) arm has outperformed other prominent NFT marketplaces like OpenSea, Blur, and Magic Eden. According to decentralized applications (DApp) data tracker DappRadar, OKX NFT marketplace recorded a daily trading volume of around $50 million on December 18 at 10:00 am UTC.
Still Ahead of Competitors
Although the trading volume has dropped to $35 million at the time of writing, OKX's NFT arm remains ahead of its competitors. Blur, Magic Eden, and OpenSea have a combined 24-hour trading volume of approximately $24 million.
Bitcoin Ordinals Boosts Sales Volume
The surge in trading volume for NFT marketplaces can be attributed to the offering of Bitcoin Ordinals trading. Data from NFT tracker CryptoSlam reveals 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.
Bitcoin NFTs Lead the Way
The sales volume for Bitcoin NFTs started to shift on December 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.
NFT Space Experiences a Comeback
In addition to Bitcoin Ordinals, the broader NFT space has also seen a resurgence. The collective volume of the NFT space reached nearly $1 billion in November. During that month, the average value of NFT transactions increased by 114%, rising from $126 to $270. This suggests that users are more willing to engage in higher-value trades compared to previous months.
