DappRadar data reveals that the OKX NFT marketplace has achieved a significant milestone, securing a 32% dominance in the NFT sector and surpassing OpenSea in trading volume.
In a blog post dated December 7, 2023, DappRadar highlighted the leading platforms for trading digital collectibles based on liquidity allocation in November 2023. According to the data, the Blur marketplace claimed the top position, boasting a 35% share of the NFT trading volume and generating $345 million in trades during November 2023.
OKX NFT, the digital marketplace associated with the OKX crypto exchange, emerged as the second-largest NFT platform for the month, outpacing OpenSea in trading volume. DappRadar reported that OKX NFT established a substantial “32% dominance in the NFT sector,” surpassing OpenSea, which currently holds a 10% market share in terms of trading volume.
Sara Gherghelas, a Blockchain Analyst at DappRadar, acknowledged OpenSea’s continued leadership in terms of user base, boasting over 190,000 registered accounts as of November 2023. She also noted that OKX’s success could be attributed to its unique offerings, particularly the Bitcoin Ordinals art pieces.
However, the sustainability of OKX’s title remains uncertain, especially in light of Bitcoin Core developers’ plans to eliminate Inscriptions, effectively ending Bitcoin Ordinals and BRC-20 tokens.
As previously reported by crypto.news, Luke Dashjr, a Bitcoin Core developer, aims to curb the use of BRC-20 tokens and Bitcoin-based NFTs through a series of upgrades. The concern is that these products are contributing to network spam, resulting in an excessive amount of data being stored on the blockchain.
Bitcoin Ordinals, non-fungible tokens that allow data to be inscribed onto a satoshi (the smallest unit of Bitcoin), have gained popularity since their launch in January 2023. However, the inscription trend has led to congestion and spikes in transaction fees on the Bitcoin network, reaching a peak in April and May 2023.
