OKX was strategically positioned to ride the Ordinals wave, taking the nft crown amid growing interest in bitcoin-based creative assets.
Cryptocurrency trading platform OKX has leapfrogged its rivals to become the leading non-fungible token (nft) marketplace, recording over $50 million in daily nft trading volume compared to $13 million for Blur and the $3 million from OpenSea.
This surge is centered around Ordinals, unique NFTs built on the bitcoin blockchain that have recently taken the cryptocurrency world by storm. With exclusive support for Ordinals trading, OKX currently leads the pack as competitors catch up.
In the broader cryptocurrency space, bitcoin recorded $305 million in weekly nft trading volume, compared to just $93 million on ethereum and $91 million on Solana. Indicating strong momentum, total bitcoin nft sales have tripled over the past month thanks to the meteoric rise of Ordinals.
Industry analysts highlight OKX's proactive efforts to enable this exponential growth. The exchange built infrastructure that supports BRC-20 tokens, collaborated on indexing solutions, and launched an official Ordinals blockchain explorer. One of the experts who agreed with this is RJ Ke, a researcher at Taiko, an ethereum scaling company. He said:
“The main catalyst behind this notable growth can be attributed to OKX's strategic support for the BRC-20 and bitcoin Ordinals tokens. This includes its collaboration with UniSat Wallet to develop a cross-verification process for indexing BRC-20 transactions on the bitcoin blockchain and the development of an official BRC-20 explorer.”
He also mentioned that advertising plays an important role in the growth of many crypto projects, especially since the industry is still very young. The hype attracts many retail investors, who then rush the project, hence its increase in volume, price and value. He stated:
“This trend is most pronounced in the cryptocurrency market due to its relative immaturity, the paucity of extensive historical data, and the predominance of retail investors who are often swayed by market hype.”
OKX's proactive leadership sets the stage for continued growth
While hype and mania can cause volatility in many crypto projects, OKX's success can also be attributed to the real-world utility that the platform attempts to provide. For example, developers are rushing to create new projects that take advantage of the craze around Ordinals. Taproot recently closed a $4.2 million funding round to expand its Ordinals offering. They plan to do this by providing improved infrastructure on the bitcoin network.
OKX was strategically positioned to ride the Ordinals wave to number one, taking the nft crown amid growing interest in bitcoin-based creative assets. This reveals the essence of being proactive and being an early adopter of valuable projects, an idea that OKX took full advantage of. Although still in its infancy, the emergence of Ordinals promises to further develop the various digital economies of cryptocurrencies.
With proactive leadership willing to venture into the newest new crypto solutions, it is likely that OKX can continue to dominate the nft race in the near future. This sets the stage for even greater innovation and options in this rapidly changing ecosystem. By identifying cutting-edge opportunities early on, OKX put itself at the forefront of bitcoin nft adoption, cementing its status as a leader in shaping the space.
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