OpenSea pulls back as OKX overtakes it in NFT trading volume

According to data from DappRadar, the OKX NFT marketplace gained a 32% dominance in the NFT sector, surpassing OpenSea in trading volume.

In a blog post dated December 7, 2020, DappRadar rounded up the top marketplaces for trading digital collectibles, which allocated the most liquidity in November 2023. According to the data, the Blur marketplace took first place, controlling a share 35% of the NFT Trading Volume and generating $345 million in trading in November 2023.

OpenSea pulls back as OKX overtakes it in NFT trading volume - 1

Top NFT trading platforms by volume | Source: DappRadar

OKX NFT, a digital marketplace powered by crypto exchange OKX, appeared to be the second largest NFT platform over the past month, surpassing OpenSea in trading volume. According to DappRadar, OKX NFT secured a “substantial 32% dominance in the NFT sector,” surpassing OpenSea, which currently has a 10% market share in terms of trading volume.

However, Sara Gherghelas, blockchain analyst at DappRadar, notes that OpenSea remains the top platform in terms of user base with over 190,000 registered accounts as of November 2023. She also suggested that OKX was successful in its efforts thanks to its bet. for unique offerings of Bitcoin Ordinals artwork.

You might also like: Binance includes ORDI and confuses it with the Bitcoin Ordinals project

However, it remains to be seen whether OKX would be able to retain its title given that Bitcoin Core developers are planning to ditch signups, essentially putting an end to Bitcoin Ordinals and BRC-20 tokens.

As reported by crypto.news, Bitcoin Core developer Luke Dashjr hopes to put an end to BRC-20 tokens and Bitcoin-based NFTs with a set of updates, as these products appear to be spamming the network, leading to excessive amounts of data being stored. on the blockchain.

Bitcoin Ordinals are non-fungible tokens that allow data to be recorded in a satoshi, the smallest division of a Bitcoin. Since its launch in January 2023, the protocol has seen the enrollment trend take off, leading to thousands of dollars being minted on the Bitcoin network. This has led to congestion and increases in transaction fees, peaking in April and May 2023.

Read more: Venture Capital Giant Tiger Global Reportedly Cut Stakes in OpenSea and NFT Collection BAYC

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