- NFT trading volume on OKX NFT Marketplace has surpassed that of leading NFT exchanges
- The 24-hour trading volume stands at $35 million while that of Blur and OpenSea combined is below $20 million
- The surge is attributed to the activation of Bitcoin Ordinals trading on the platform
OKX NFT Marketplace has beaten leading marketplaces in its 24-hour trading volume. The volume currently stands at $35.59 million against Blur’s $13.67 million, Magic Eden’s $5.81 Million and OpenSea’s $5.23 million. The surge has been attributed to the platform enabling the trading of Bitcoin Ordinals, which recently received a boost after popular auction house Sotheby’s auctioned a pixelated avocado Bitcoin NFT for over $100,000.
Leading Despite $14 Million Drop
According to DappRadar, the daily trading volume on OKX NFT Marketplace had reached a high of $50 million on December 18 before tumbling down to the current $35.59 million with sales dropping by 26.66% in the last 24 hours.
The increase in NFT trading activities seems to have happened across a majority of NFT exchanges. Blur, for example, recorded an increase of 20.86% in sales while the volume rose by close to 5%. OpenSea’s NFT sales and trading volume rose by 5.54% and 59.69% respectively.
Interest on Bitcoin inscriptions has also increased compared to Ethereum NFTs with daily sales on Bitcoin surpassing that of Ethereum by close to $10 million on December 12. This phenomenon was also seen two weeks ago when a Bitcoin Ordinals inscription featuring a honey badger changed hands for $450,000.
Bitcoin ETF Played a Part
According to a recent report by JPMorgan, the comeback experienced in the NFT space can be attributed to the excitement around a possible listing of a Bitcoin ETF in the United States.
With a crypto exchange-controlled NFT marketplace rarely ruling the NFT trading world, it’s to be seen whether it’ll maintain its new spot considering that prominent marketplaces like Magic Eden also offer Bitcoin Ordinals trading.
