The NFT ecosystem, which remained relatively quiet for several months, has recently experienced a resurgence in popularity. This renewed interest can be attributed to the OKX NFT Marketplace, which witnessed a significant increase in trading volume. In fact, the surge in trading volume reached triple digits, surpassing even established platforms such as OpenSea and Blur in certain aspects.
OKX NFT Moves Ahead of OpenSea
On September 16, 2023, the OKX NFT Marketplace experienced a 114% surge in trading volume, reaching $11.54 million. The platform specializes in aggregating liquidity from other exchanges, which is a unique approach compared to other NFT marketplaces.
OKX NFT Marketplace’s trading volume increased 114% to $11.54 million on September 16, surpassing Blur and OpenSea, mainly focusing on aggregating liquidity from other exchanges. The overall active addresses of OKX NFT Marketplace are about 49.6% of Blur and 14.8% of OpenSea,…
— Wu Blockchain (@WuBlockchain) September 17, 2023
Despite having fewer active addresses than its competitors, OKX managed to outperform established platforms such as OpenSea and Blur in terms of trading volume. This impressive feat highlights the effectiveness of OKX’s strategy and its ability to attract a specific niche of traders referred to as ‘Degen’ players.
One of the possible reasons is the platform’s latest integration with the Base and Linea blockchains, which allows users to access NFTs across 17 blockchains while bringing the liquidity of OpenSea onto the Base network.
Another possible reason for OKX’s success is the underperformance of established platforms such as OpenSea and Blur over the last few weeks. According to Dune Analytics, both marketplaces’ weekly trading volume and weekly users have been on a declining trend.
This trend could have contributed to traders shifting their focus towards OKX NFT Marketplace, which has been gaining popularity in recent times.
After experiencing a surge in trading volume on September 16, 2023, the OKX NFT Marketplace witnessed a decline in metrics the following day. According to DappRadar’s data, the platform’s trading volume dropped from $11.5 million to $7 million on September 17, 2023.
Additionally, the marketplace’s weekly average users and transactions also followed the same trend, dropping to 1,000 and 1,300, respectively. These figures were significantly higher at 1,600 and 2,000 when OKX’s trading volume surged a day ago.
