DappRadar data indicates that the OKX NFT marketplace outperformed OpenSea regarding trade volume, securing a 32% domination in the NFT industry.
DappRadar compiled the best platforms for trading digital collectibles, which distributed the most liquidity in November 2023, in a blog post on December 7, 2022.
The statistics showed that the Blur marketplace was the most popular platform, accounting for $345 million in trades in November 2023 and holding a 35% share of the NFT trading volume.
Surpassing OpenSea in trading volume, OKX NFT, a digital marketplace powered by the OKX cryptocurrency exchange, looked to be the second-largest NFT platform over the previous month.
According to DappRadar, OKX NFT surpassed OpenSea, which presently holds a 10% market share in terms of trading volume, to achieve a “substantial 32% dominance in the NFT sector.”
However, with over 190,000 registered users as of November 2023, OpenSea continues to be the most popular platform in terms of user base, according to DappRadar Blockchain Analyst Sara Gherghelas.
She added that OKX’s success in its endeavors can be attributed to its wager on exclusive Bitcoin Ordinals artwork offers. Though the developers of Bitcoin Core want to eliminate Inscriptions, effectively ending Bitcoin Ordinals and BRC-20 coins, it is still being determined if OKX will be able to maintain its name.
Luke Dashjr, the developer of Bitcoin Core, plans to stop BRC-20 tokens and Bitcoin-based NFTs with a series of updates because these products seem to be flooding the network with data, which causes the blockchain to hold an excessive quantity of data.
Bitcoin Ordinals are non-fungible tokens that make it possible to engrave data on a satoshi, the smallest currency unit. The inscription trend has taken off since the protocol’s introduction in January 2023, and thousands of coins have been created on the Bitcoin network. Transaction fees have increased as a result of this, peaking in April and May of 2023.
