2023-12-11 23:11:07
© Reuters. OKX surpasses OpenSea in NFT trading volume
Blockmarket – Analytics platform DApp Radar recently published a report on the NFTs (Non-Fungible Tokens) market. The report highlights that OKX’s NFT marketplace has become the second largest in the world by trading volume, surpassing the popular OpenSea marketplace.
As excerpts from the report point out, OKX came in second place in November, behind only the Blur marketplace:
DApp Radar attributed the growth in trading volume in OKX NFTs to the trading of Ordinals, NFTs registered on the blockchain:
“The OKX NFT marketplace has risen to second position, securing a substantial 32% dominance in the NFT sector. Its rise can be attributed to its unique offering of BTC Ordinals art pieces. Notably, our key NFT sales data from the last 30 days indicates a high volume of Van Gogh painting transactions on this platform.”
Ordinals have provoked discussions among Bitcoin enthusiasts, who claim that the technology, which acts directly on the Bitcoin main network, occupies a significant part of the network’s blocks. As a consequence, this activity would be causing higher fees and processing times. OKX was also the platform with the largest number of NFT traders, as highlighted in the document:
“However, it stands out as the most dominant market in terms of number of traders, reaffirming its status as the most well-known and widely used NFT trading platform by the general public.”
With this recent growth, we could see a recovery in the NFT sector in 2023 after an extensive bear market. At one point, OpenSea’s trading volume dropped by 99%. Data from the DApp Radar report indicates that NFT trading volume in the month was US$994 million, an increase of 125% compared to the previous month.
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