OKX NFT Trading Volume Surges, Overtaking OpenSea During Ordinals Boom
OKX NFT marketplace has experienced a significant surge in trading volume, surpassing popular competitors like OpenSea and Blur during the Bitcoin Ordinals boom. In the 24 hours ending at 2 PM Hong Kong time, the OKX NFT marketplace recorded over $50 million in trading volume.
The increased activity on OKX is attributed to its support for Bitcoin Ordinals NFTs and BRC-20 tokens. Notably, the NFT transaction volume on Bitcoin itself rose to $121.8 million between December 10 and December 17, 2023.
OKX's trading volume outpaced rivals such as Blur, Magic Eden, UniSat, and OpenSea, which recorded volumes of $13.21 million, $7.63 million, $3.82 million, and $3.25 million, respectively, during the same period. The surge is linked to OKX's focus on the BRC-20 token standard, and the platform collaborated with UniSat to develop an indexing mechanism for BRC-20 transactions based on ordinal inscriptions, along with a blockchain explorer.
The Ordinals protocol, made possible by the Bitcoin Taproot upgrade, allows digital files to be inscribed on satoshis, the smallest unit of Bitcoin. Each satoshi has a unique number (ordinal) connected to a transaction. Unlike traditional NFTs, Ordinals are not smart contracts but are referred to as digital artifacts. Their trading requires decentralized exchanges and wallets due to the absence of smart contract features.
Developer Casey Rodarmor introduced the Ordinals protocol in January 2023, and it has generated both praise and criticism. Some see it as a waste of Bitcoin blockspace, while others appreciate its role in creating more transactions and generating transaction fees needed to incentivize miners.
Earlier predictions by Galaxy Research suggested that the Bitcoin Ordinals market could reach $3.5 billion by 2025. The most traded Ordinals projects in the past 24 hours on Magic Eden, a platform supporting Ordinals, include MNCHRMs and Ordinookis. Despite differing opinions, the surge in trading volume on OKX suggests growing interest and activity in the Bitcoin Ordinals space.
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