The nonfungible token (NFT) marketplace of the crypto exchange OKX outperformed other notable NFT marketplaces of OpenSea, Blur, and Magic Eden on the 24-hour trading volume data on Dec. 18.
The daily trading volume on the OKX NFT Marketplace was approximately $50 million at 10:00 am UTC on December 18, according to the decentralized applications (DApp) data tracker DappRadar.
As of the moment of composition, the platform’s trading volume has decreased to $35 million. With a combined 24-hour trading volume of approximately $24 million, OKX NFT Marketplace remains in front of its rivals Blur, Magic Eden, and OpenSea.
The trading volume on the NFT marketplace increased upon the introduction of Bitcoin Ordinals trading. The Bitcoin network had a monumental week, according to data from NFT tracker CryptoSlam, with a sales volume of $367 million, surpassing the combined weekly trading volume of Ethereum and Solana, which was $91 million.
On December 12, the Bitcoin network recorded a daily NFT sales volume of $24 million. Ethereum and Solana followed with approximately $16 million and $6 million, respectively, in terms of sales volume.
In November, the volume of nonfungible tokens (NFTs) in the space surpassed $1 billion, in addition to the recovery of Bitcoin Ordinals. The average value of NFT transactions increased by 114% that month, from $126 to $270, indicating that users are more inclined to engage in higher-value transactions than in prior months.