Journalist
Posted:
- OKX’s buying and selling quantity hit $11.54 million, overtaking OpenSea and Blur
- OKX NFT Market’s metrics began to fall after spiking on 16 September
The NFT ecosystem, which lay low for fairly a number of months, has as soon as once more gained traction, all due to OKX NFT Market. The favored NFT market noticed an enormous uptick in its buying and selling quantity, one which surged into triple digits. The truth is, the most recent surge allowed OKX to even surpass the likes of OpenSea and Blur on sure fronts.
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OKX goes forward of OpenSea and Blur
OKX NFT Market’s buying and selling quantity spiked by 114% to $11.54 million on 16 September 2023, primarily specializing in aggregating liquidity from different exchanges.
On that individual day, the NFT Market even managed to outshine prime marketplaces like OpenSea and Blur by way of buying and selling quantity, which was commendable. This occurred even if OKX’s lively addresses remained decrease than these of the opposite two.
OKX NFT Market’s buying and selling quantity elevated 114% to $11.54 million on September 16, surpassing Blur and OpenSea, primarily specializing in aggregating liquidity from different exchanges. The general lively addresses of OKX NFT Market are about 49.6% of Blur and 14.8% of OpenSea,…
— Wu Blockchain (@WuBlockchain) September 17, 2023
Whereas there is likely to be a number of components at play, a attainable motive may very well be OKX NFT Market’s newest integration. A number of weeks in the past, OKX added help for the Base and Linea blockchains. The combination allowed customers entry to NFTs throughout 17 blockchains whereas bringing the liquidity of OpenSea onto the Base community.
One more reason may very well be OpenSea and Blur’s underperformance over the previous few weeks. As evident from Dune’s data, each marketplaces’ weekly buying and selling quantity has been on a declining development. Not solely that, however an identical development of decline was additionally famous by way of their weekly customers.
Supply: Dune
Will this final lengthy?
Although 16 September was a day to recollect, issues began to show bitter for OKX. The truth is, over the next day, the NFT market’s metrics dropped. DappRadar’s data identified that OKX’s buying and selling quantity dropped to $7 million from $11.5 million on 17 September 2023.
A number of different metrics additionally adopted the identical trajectory. {The marketplace}’s weekly common customers and transactions dropped to 1,000 and 1,300, respectively. The identical metrics had figures of 1,600 and a couple of,000 when OKX’s quantity surged a day in the past.
Supply: DappRadar
Learn OKB’s Worth Prediction 2023-24
Whereas OKX NFT Market’s metrics dwindled, the blockchain’s native token OKB’s worth chart turned inexperienced.
In keeping with CoinMarketCap, OKB was up by greater than 3% over the past seven days. On the time of writing, it was buying and selling at $43.33 with a market capitalization of over $2.5 billion, making it the twenty fifth largest crypto. The excellent news was that the uptrend was accompanied by an increase in its buying and selling quantity, which elevated the probabilities of the prevailing worth development sustaining itself.
