12/12/2023 OpenSea on back-footing as OKX surpasses it in NFT trading volume

OpenSea on back-footing as OKX surpasses it in NFT trading volume

According to data from DappRadar, OKX NFT marketplace secured 32% dominance in the NFT sector, surpassing OpenSea in trading volume.

In ablog post on Dec. 7, 202, DappRadar gathered top marketplaces for trading digital collectibles, which allocated the most liquidity in November 2023. According to the data, the Blur marketplace was ranked the top platform, controlling a 35% share of the NFT trading volume and generating $345 million in trades in November 2023.

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OpenSea on back-footing as OKX surpasses it in NFT trading volume - 1Top NFT trading platforms by volume | Source: DappRadar

OKX NFT, a digital marketplace powered by the OKX crypto exchange, appeared to be the second-largest NFT platform over the past month, surpassing OpenSea in trading volume. As per DappRadar, OKX NFT secured a ā€œsubstantial 32% dominance in the NFT sector,ā€ overtaking OpenSea, which is currently holding a 10% market share in terms of trading volume.

Yet, DappRadar Blockchain Analyst Sara Gherghelas notes that OpenSea remains the top platform in terms of user base with over 190,000 registered accounts as of November 2023. She also suggested OKX succeeded in its efforts thanks to its bet on unique offerings of BitcoinOrdinals art pieces.

However, it is yet to be seen if OKX could retain its title given that Bitcoin Core developers are planning to get rid of Inscriptions, essentially putting an end to Bitcoin Ordinals and BRC-20 tokens.

As crypto.news reported, Bitcoin Core developer Luke Dashjr hopes to put an end to BRC-20 tokens and Bitcoin-based NFTs with a set of upgrades as these products appear to be spamming the network, leading to an excessive amount of data being stored on the blockchain.

Bitcoin Ordinalsare non-fungible tokens that enable the inscribing of data onto a satoshi, the smallest division of a Bitcoin. Since its launch in January 2023, the protocol has seen the inscription trend take off, leading to thousands being minted on the Bitcoin network. This has caused congestion and spikes in transaction fees, reaching a peak in April and May 2023.

Arts

https://crypto.news/opensea-on-back-footing-as-okx-surpasses-it-in-nft-trading-volume/

Interesting NFTs
F Face
Oh hi! I'm F Face. I believe that one day cats will rule this planet. I like to listen to Michael Bolton while grooming. Don't judge me. Will you be the maple syrup to my soy sauce?
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Discord logo factory. 3D animation, 10-second loop, 30 fps. Created using Cinema4D, X-Particles, Octane, and After Effects. Originally posted on TikTok (@jigpx) on 2/20/21. 47.5m+ views, 3.2m+ likes (as of 4/22/21).
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The idea for this piece was borne out of a tweet of mine that caused a bit of a stir. Iā€™d posted a link to a blog article Iā€™d written a number of months previous titled ā€˜Who is the Creatorā€™ discussing various types of creative collaborations and why I hire people to work on my animations. It generated a lot of debate around creation and attribution with the community split on whether itā€™s right or wrong for an artist to hire other professionals to help them realize their art projects. I decided to push the boundaries even further and see how the cryptoart community responded. What if I quite literally had nothing to do with the physical or digital elements of the work other than coming up with the concept and coordinating it? I decided there was one artist in the space who could add huge value to this idea on levels that none other could and so I gathered my courage and contacted the great JosĆ© Delbo to ask him if heā€™d be interested in a very unique collaboration. I explained to him that to make this piece ā€˜workā€™ he couldn't have any say in what I produced and moreover, he wouldnā€™t even be allowed to see the animation until it was dropped on MakersPlace. To my surprise, Mr Delbo agreed to my proposal. The animation tells the story of the creative process, which includes my roles as writer, director, and producer working with a team and making edits and changes ā€˜in real timeā€™. The dialogue between myself and my ā€˜hired gunsā€™ plays out in front of the viewer. The music written for the piece adds to the nostalgia of the comic book superhero theme but other elements such as the snapping and kicking of the pencil and the signing of my signature at the bottom incorporates further layers and challenges the viewer to ask important questions, such as, is the ā€˜Artā€™ the final animation (the creation) or is the ā€˜Artā€™ the concept/credit for the creation itself?