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The nonfungible token (NFT) division of crypto exchange OKX has exceeded the 24-hour trading volume of other leading NFT platforms such as OpenSea, Blur, and Magic Eden.
On December 18, the OKX NFT marketplace achieved a daily trading volume of approximately $50 million around 10:00 am UTC, as reported by the decentralized applications (DApp) data aggregator DappRadar.
As of the current moment, the platform’s trading volume has decreased to $35 million. Nevertheless, OKX’s NFT division remains ahead of its rivals Blur, Magic Eden, and OpenSea, which collectively have a 24-hour trading volume of about $24 million.
24-hour NFT trading volume by marketplace. Source: DappRadar
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The trading volume in NFT marketplaces surged as the platform introduced Bitcoin Ordinals trading. Data from NFT tracker CryptoSlam indicates that the Bitcoin network experienced a significant week, with a sales volume of $367 million, outpacing Ethereum and Solana, which recorded $91 million in their weekly trading volume.
The increase in sales volume for Bitcoin NFTs began on December 12. On that day, the Bitcoin network reported a daily NFT sales volume of $24 million, followed by Ethereum with approximately $16 million and Solana with $6 million.
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In addition to Bitcoin Ordinals, the wider NFT sector has also seen a resurgence, with the total volume approaching $1 billion in November. During that month, the average value of NFT transactions increased by 114%, rising from $126 to $270, indicating that users are more inclined to engage in higher-value trades compared to previous months.
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