In the past 24 hours, the non-fungible token (NFT) marketplace of the popular crypto exchange OKX has outpaced trading volumes of leading platforms such as OpenSea and Blur.
According to analytics platform DappRadar, OKX has recorded a daily trading volume of $41.9 million, surpassing Blur ($15.41 million), Magic Eden ($5.65 million), and OpenSea ($5.23 million).
While the catalyst behind this recent surge remains unknown, speculation points to the introduction and support of Bitcoin Ordinals (Bitcoin NFTs) on the OKX marketplace.
Recent positive statistics for Bitcoin Ordinals, including increased sales, have been reported by analytics platform CryptoSlam. Notably, the Bitcoin Frog collection, listed on the OKX NFT marketplace, ranks among the top gainers in Bitcoin-based NFT collections over the past 24 hours.
Beyond the Bitcoin Ordinals boost, OKX’s dominance can be attributed to the overall resurgence of the NFT market in the previous month, November. This rebirth sheds light on a market that experienced in recent months, a contrast to the booming trends of 2021 and 2022.
While not yet reaching the levels of previous years, positive projections for the NFT market persist. Statista forecasts a total revenue of $3,282.00 million by 2027, indicating optimism despite recent fluctuations.
