OKX NFT marketplace volume surpasses Blur, OpenSea amid Bitcoin Ordinals frenzy
OKX’s non-fungible token buying and selling platform surpassed Blur and OpenSea in every day buying and selling quantity as NFT fanatics seem to proceed buying and selling Bitcoin Ordinals NFTs.
OKX NFT Market recorded a 24-hour buying and selling quantity of $50.33 million as of two p.m. Hong Kong time — making it the most important NFT market by every day buying and selling quantity, in line with information from DappRadar. Blur got here in second with a every day buying and selling quantity of $13.21 million, adopted by Magic Eden’s $7.63 million, UniSat’s $3.82 million and OpenSea’s $3.25 million.
“OKX has develop into the primary NFT market after enabling buying and selling of BTC Ordinals NFTs,” Nick Ruck, chief working officer of ContentFi Labs, advised The Block. “Blur and OpenSea haven’t but allowed buying and selling of those Bitcoin-based NFTs, so that they’ve began to fall behind by way of quantity as a result of enormous demand of Ordinals.”
The rise of OKX’s platform comes because the NFT buying and selling quantity on the Bitcoin community climbed to $305.44 million within the week of Dec. 10 to Dec. 17 from $121.28 million within the earlier week, in line with CryptoSlam information. The NFT buying and selling quantity on Ethereum in the identical week amounted to $93.45 million, whereas Solana noticed $90.74 million.
“The first catalyst behind this outstanding development might be attributed to OKX’s strategic help for BRC-20 tokens and Bitcoin Ordinals,” R.J. Ke, a researcher at Ethereum scaling agency Taiko, mentioned. “This consists of their collaboration with the UniSat Pockets to develop a cross-verification course of for BRC-20 transaction indexing on the Bitcoin blockchain and the event of an official BRC-20 explorer.”
Ke, nevertheless, added that it is essential to focus on that funding markets, particularly these as nascent and dynamic as cryptocurrency, are vulnerable to saliency bias. “This tendency is extra pronounced within the crypto market resulting from its relative immaturity, the shortage of intensive historic information, and the predominance of retail buyers who are sometimes influenced by market hype.”
Bitcoin Ordinals has been the discuss of the trade since earlier this yr, with many corporations making an attempt to capitalize on the pattern. Ordinals-based Faucet Protocol, for instance, introduced over the weekend that it raised $4.2 million to develop on Bitcoin.
