On December 18th, OKX NFT Marketplace showcased its dominance, in the space, by outshining competitors achieving a substantial 24-hour trading volume of $50 million.
Recent data indicates that OKX NFT Marketplace surpassed OpenSea, Blur, and Magic Eden in terms of 24-hour trading volume.
On December 15, the crypto exchange listed SATS, a BRC-20 standard token, an asset not yet supported by competitors like OpenSea and Blur.
DappRadar data reveals that the 24-hour trading volume of OKX NFT Marketplace on December 18th reached around $50 million as of 10:00 am UTC.
While the trading volume of OKX NFT Marketplace was $50 million at the time of reporting, it has since decreased to around $35 million.
Despite the decrease, OKX NFT Marketplace remains ahead of other major NFT marketplaces such as Blur, Magic Eden, and OpenSea, with a combined trading volume of approximately $24 million.
The spike in OKX NFT Marketplace’s trading volume can be attributed to the platform’s addition of Bitcoin Ordinals trading.
In December, Ordinals tokens overloaded the BTC-20 network five times, causing transferring fees to jump. Transfer fees hit a record high of $37 per transaction this past May.
According to NFT data tracker CryptoSlam, the Bitcoin network experienced a substantial week, with weekly sales volume reaching $367 million, surpassing Ethereum and Solana, which had a combined weekly trading volume of $91 million.
The increase in Bitcoin NFT sales volume started on December 12th, when the Bitcoin network had a daily NFT sales volume of $24 million, followed by Ethereum with about $16 million and Solana with around $6 million.
In addition to the surge in Bitcoin Ordinals sales, the overall NFT space has also seen a resurgence, with the total NFT sales volume approaching $1 billion in November.
In November, the average value of NFT transactions increased by 114%, rising from $126 to $270. This indicates that users are increasingly confident in performing higher-value transactions compared to previous months.
Read also: Why Rollups present a unique business model in crypto: Insights from Galaxy Ventures Exec
