The NFT arm of cryptocurrency exchange OKX has surged ahead in the 24-hour trading volume race, surpassing major NFT marketplaces like OpenSea, Blur, and Magic Eden.
On December 18, OKX's NFT market soared, hitting a daily trading volume of approximately $50 million at 10:00 AM UTC, according to DappRadar, a decentralized application data tracker. As of the latest update, the platform's trading volume has decreased to $35 million. Nonetheless, OKX NFT Marketplace maintains its lead over competitors, collectively outpacing Blur, Magic Eden, and OpenSea, which have recorded a combined 24-hour trading volume of roughly $24 million. The rise in NFT trading volume correlates with the availability of Bitcoin ordinal transactions. Data from NFT tracker CryptoSlam reveals a robust week for the Bitcoin network, marking sales worth $367 million, outstripping Ethereum and Solana, with a combined weekly transaction volume of $91 million.
The surge in Bitcoin NFT sales started around December 12, with the Bitcoin network witnessing $24 million in daily NFT sales, followed by Ethereum with around $16 million and Solana with $6 million. Beyond the Bitcoin ordinal domain, the broader NFT realm has witnessed a resurgence, registering a total transaction volume of nearly $1 billion in November. Notably, the average value of NFT transactions surged by 114% during the month, rising from $126 to $270. This upswing indicates that users have exhibited a greater willingness to engage in higher-value transactions compared to previous months.
