By Jane Doe
Over the past few weeks, the OKX non-fungible tokens (NFT) marketplace has experienced an unprecedented surge in trading volume, surpassing market leaders Blur and Magic Eden.
Record-Breaking Performance
On December 18th, OKX’s trading platform reached an impressive $45.31 million in trading volume, eclipsing its competitors.
Diversification Strategy
The growth of OKX’s platform is attributed to a strategic increase in the trading volume of Bitcoin (BTC) NFTs.
On December 15th, the crypto exchange listed SATS, a BRC-20 standard token. This asset, not yet supported by OpenSea and Blur, has attracted significant interest among traders.
Competitive Landscape
While OKX emerged as the leader in overall trading volume, its rivals also posted notable figures.
Blur’s daily trading volume reached $13.48 million, followed by Magic Eden at $7.63 million and UniSat at $3.3 million.
Weekly Comparison
From December 10th to 17th, OKX’s trading volume surpassed $305.44 million, a significant increase from the previous week’s $121.28 million.
In comparison, NFT trading volume on Ethereum (ETH) during the same period reached $93.45 million, while Solana saw a surge to $90.74 million.
Network Impact
The surge in NFT activity on the BTC network has caused a temporary overload of the BTC-20 network.
Transfer fees have spiked, reaching a record high of $37 per transaction in May.
This article is provided for informational purposes only. It does not constitute financial advice or a recommendation to buy, sell, or hold any cryptocurrency.
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