OKX Surpasses OpenSea in NFT Trading Volume, Leaving the Latter Playing Catch-Up
OKX NFT marketplace has emerged as the dominant player in the NFT sector, surpassing OpenSea in terms of trading volume, according to data from DappRadar. In November 2023, OKX NFT secured a significant 32% market share, overtaking OpenSea, which currently holds a 10% share.
DappRadar’s data also revealed that Blur marketplace ranked as the top platform, controlling 35% of the NFT trading volume and generating $345 million in trades during the same period.
Although OKX NFT has surpassed OpenSea in trading volume, OpenSea remains the leading platform in terms of user base, with over 190,000 registered accounts as of November 2023. Sara Gherghelas, a Blockchain Analyst at DappRadar, acknowledged that OKX’s success can be attributed to its unique offerings of Bitcoin Ordinals art pieces.
However, the future of OKX’s dominance is uncertain due to the plans of Bitcoin Core developers to eliminate Inscriptions, which would effectively put an end to Bitcoin Ordinals and BRC-20 tokens. Luke Dashjr, a Bitcoin Core developer, aims to address the issue of excessive data storage on the blockchain caused by BRC-20 tokens and Bitcoin-based NFTs, which have been spamming the network.
Bitcoin Ordinals are non-fungible tokens that allow for the inscription of data onto a satoshi, the smallest unit of Bitcoin. Since its launch in January 2023, the protocol has gained popularity, resulting in a significant number of tokens being minted on the Bitcoin network. This has led to congestion and spikes in transaction fees, reaching a peak in April and May 2023.
Despite OKX’s current success, its ability to maintain its position as the dominant NFT platform may be challenged in the face of these proposed changes.
