OKX emerges as leading NFT marketplace with $50.33 million daily trading volume

OKX’s NFT trading platform has surged ahead, surpassing industry giants Blur and OpenSea in daily trading volume. As of 2 p.m. Hong Kong time, the OKX NFT Marketplace recorded an impressive 24-hour trading volume of $50.33 million, establishing itself as the foremost NFT marketplace based on daily trading activity.

Bitcoin Ordinals NFTs drive OKX to the top

OKX’s rise to prominence can be attributed to its strategic decision to enable the trading of Bitcoin Ordinals NFTs. Nick Ruck, Chief Operating Officer of ContentFi Labs, remarked, “OKX has become the number one NFT marketplace after enabling trading of BTC Ordinals NFTs.” This move has propelled OKX ahead, leaving competitors Blur and OpenSea trailing behind in terms of volume, as they have yet to facilitate the trading of Bitcoin-based NFTs.

Cryptocurrency market dynamics and OKX’s strategic support

The broader cryptocurrency market has witnessed a surge in NFT trading volume on the Bitcoin network, reaching $305.44 million from December 10 to December 17, up from $121.28 million in the previous week, according to CryptoSlam data. R.J. Ke, a researcher at Ethereum scaling firm Taiko, pointed out that OKX’s remarkable growth can be attributed to its strategic support for BRC-20 tokens and Bitcoin Ordinals. This includes collaborations with the UniSat Wallet to develop a cross-verification process for BRC-20 transaction indexing on the Bitcoin blockchain and the creation of an official BRC-20 explorer.

However, Ke emphasized the need to recognize the inherent volatility and saliency bias in investment markets, especially within the nascent and dynamic cryptocurrency sector. He noted that the crypto market’s relative immaturity, scarcity of extensive historical data, and the prevalence of retail investors susceptible to market hype contribute to this bias.

Bitcoin Ordinals trend gains traction

Bitcoin Ordinals NFTs have been a focal point in the industry, attracting attention from various firms looking to capitalize on the trend. Tap Protocol, a notable player in the space, recently announced securing $4.2 million in funding over the weekend to further develop on Bitcoin.

OKX’s ascendancy in the NFT marketplace underscores the growing influence of Bitcoin Ordinals NFTs and strategic support for BRC-20 tokens.