May 24, 2024
OKX Soars Past Blur and OpenSea as Bitcoin Ordinals Fuel NFT Trading Frenzy

OKX Soars Past Blur and OpenSea as Bitcoin Ordinals Fuel NFT Trading Frenzy

The world of non-fungible tokens (NFTs) witnessed a major shakeup this week, with OKX’s marketplace unexpectedly surging to the top spot in daily trading volume, eclipsing established giants like Blur and OpenSea.

Fueling this unexpected rise is the booming popularity of Bitcoin Ordinals, a new protocol enabling the inscription and trading of NFTs directly on the Bitcoin blockchain. As enthusiasm for Ordinals continues to grow, OKX has emerged as the go-to platform for enthusiasts, capturing a staggering $50.33 million in 24-hour trading volume by 2 p.m. Hong Kong time, according to DappRadar data.

“OKX has become the number one NFT marketplace after enabling trading of BTC Ordinals NFTs,” explained Nick Ruck, chief operating officer of ContentFi Labs. “Blur and OpenSea have not yet allowed trading of these Bitcoin-based NFTs, so they’ve started to fall behind in terms of volume due to the huge demand of Ordinals.”

This surge in Bitcoin-based NFT activity is evident in wider market trends. CryptoSlam data reveals a week-on-week spike in NFT trading volume on the Bitcoin network, soaring from $121.28 million to $305.44 million in just seven days. In stark contrast, Ethereum and Solana, the traditional NFT powerhouses, saw comparatively modest volumes of $93.45 million and $90.74 million respectively during the same period.

“The primary catalyst behind this remarkable growth can be attributed to OKX’s strategic support for BRC-20 tokens and Bitcoin Ordinals,” commented R.J. Ke, a researcher at Ethereum scaling firm Taiko. “This includes their collaboration with the UniSat Wallet to develop a cross-verification process for BRC-20 transaction indexing on the Bitcoin blockchain and the development of an official BRC-20 explorer.”

However, Ke also cautioned against overexuberance, highlighting the inherent volatility of nascent investment markets like cryptocurrency. “It’s crucial to remember that saliency bias can be particularly pronounced in the crypto market due to its relative immaturity,” he noted. “Retail investors, who often drive significant activity, can be heavily influenced by market hype.”

As the dust settles on this week’s NFT market upheaval, one thing remains clear: Bitcoin Ordinals have ignited a new wave of enthusiasm in the NFT space, and OKX, with its early embrace of this trend, has reaped the initial rewards. Whether this marks a permanent shift in the NFT landscape or a temporary blip on the radar remains to be seen, but the immediate impact on trading volumes has been undeniable.


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