OKX NFT Marketplace has recently become one of the new forces in the NFT market. There was a time when OKX NFT Marketplace was the platform with the largest trading volume on the market, surpassing both Blur and OpenSea, and the biggest driving force driving the strong rise of OKX NFT Marketplace was the BRC 20 trend, Bitcoin. Ordinal. So what makes OKX NFT Marketplace the leading platform in the Ordinal market? Let’s find out with Weakhand in this article.
Before jumping into the article, everyone can refer to some of the following articles to understand better.
- NFT winter is about to end, how will the NFT Marketplace landscape change?
- What is NFT Marketplace? Operating mechanism and some prominent NFT Marketplaces
- NFT Marketplace Wars and the ultimate winner
Explore Opportunities In A New Array
How Bitcoin Ordinals works
Initially Ordinals was mainly used to create NFTs but on March 8, 2023, anonymous developer Domo launched BRC 20 based on the Ordinals protocol – a protocol that issues tokens on Bitcoin by injecting a fragment text JSON into each Satoshi. BRC 20 deployers can decide for themselves the total quantity and names of the tokens and following the first-come first-served principle, ORDI is the first BRC20 token deployed by Domo.
With the increasingly hot trend of Bitcoin Ordinals and especially BRC 20, some members in OKX have realized the potential of this field through user feedback and market popularity. At the same time, they also saw that the Bitcoin ecosystem could become part of the future trend so OKX started investing its resources into Bitcoin Ordinals.
Why Is OKX NFT Marketplace The Leader?
Deploy different solutions to attract users
To drive current user activity and new user engagement, OKX NFT Marketplace has implemented various solutions including: reducing gas fees when buying and selling NFTs, implementing whitelist broadcasts, … After a series of marketing and promotional programs, the growth in the number of users was reflected immediately.
Growth in the number of users
Accordingly, from April 2023, the number of users trading NFTs on OKX NFT Marketplace witnessed impressive growth. The rapid increase in the number of users also makes it easier for OKX to pivot and attract more users to trade Bitcoin Ordinals on its platform.
Cooperating with Unisat to Enhance Our Position
In the early days, there were very few developers and players who really stuck with Bitcoin Ordinals, and Unisat was one of them. Unisat supports a wide variety of services from asset issuance (enabling projects and users to mint NFTs), asset trading (using Unisat Marketplace and soon brc20-swap) to management assets (with Unisat Wallet similar to Metamask).
Therefore, in a young ecosystem like Bitcoin Ordinals, Unisat is a pioneer in this field. Without Unisat’s support, perhaps the BRC 20 trend that would explode in the months of April – May 2023 would not have come so soon. Most Bitcoin OGs also agree that Unisat plays a huge role in helping more users access Bitcoin NFT and also BRC 20.
OKX is a latecomer but knows how to approach and participate in this race. First, they had in-depth exchanges with OGs in the market such as Casey Rodarmor – founder of the Ordinals protocol and domo – founder of BRC 20. From there, OKX continued to gain perspective and relationships deeply with builders in the industry.
Next, on May 12, 2023, OKX announced its cooperation with Unisat to jointly build industry standards for BRC 20. Accordingly, Unisat will become a data provider for OKX NFT Marketplace. In the future, OKX also plans to deploy the exchange of BRC-20 order liquidity feature with Unisat to further enhance liquidity for the entire BRC 20 market.
Maintain stable development progress
In the next phase, OKX has made a series of improvements in product upgrades to maintain platform stability. First on April 24, 2023, OKX introduced its own web3 wallet, users can hold Bitcoin Ordinals in general and BRC 20 in particular in their wallet. Additionally, users can transfer assets to other wallets and the remaining balance in the wallet will be used for payments to ensure safe NFT transfers.
On May 11, 2023, OKX NFT Marketplace launched an NFT airdrop program in partnership with BTC Machines – the largest NFT collection on Bitcoin Ordinal at the time. On May 24, 2023, OKX Web3 Wallet launched the Bitcoin Ecological Week event including 3 special events themed as coin holding prizes, order prizes and surprise airdrops. On June 1, 2023, OKX officially released the BRC-30 standard. Users can earn rewards by staking BRC-20 tokens without selling their assets.
After the first phase of focusing resources on developing features, from August – October 2023, the focus of OKX NFT Marketplace has shifted to improving and perfecting the infrastructure. During this period, OKX focused its efforts on resolving many issues that affected the smoothness of transactions. While these improvements will not be obvious to users who trade infrequently, for users who frequently trade on the OKX NFT Marketplace they address many of the issues that may arise in special situations.
Easy to use product, good customer support
With an intuitive, easy-to-see interface and smooth operations without delay, OKX NFT Marketplace has indeed received many highly appreciated reviews from Bitcoin Ordinals trading users during use. In addition, OKX’s customer service is also very good.
In addition, a short story spread online recently that some members had some problems when using OKX Wallet and as soon as OKX received feedback, they quickly dispatched a team of 6 people. fixed and the problem was resolved overnight. This further increases user confidence when using OKX products from wallet to NFT Marketplace.
Decline and abandonment of competitors
In addition to the main reasons coming from the good internals of OKX NFT Marketplace, it also comes from the Bitcoin Ordinals trading platforms going downhill and abandoning this fertile land. A typical example is Magic Eden, this platform announced to stop supporting Bitcoin Ordinals in October 2023 and it seems to be their big wrong decision.
Bitcoin Ordinal trading volume across platforms
According to data provided by Dune, at present OKX NFT Marketplace has occupied 70% of the market share in terms of trading volume and far surpasses other platforms. Indeed, OKX has the right direction and development to lead the second spring of Bitcoin Ordinals at the present time.
summary
OKX’s success lies not only in its unique vision, technical strength and market layout to seize opportunities, but also in its deep understanding of the community and ability to respond quickly. Above is all the information that I want to introduce in this article, hope everyone has received useful knowledge.
