The rise of the inscription wave, why does the OKX NFT market stand out as a multi-chain aggregation platform?

Source: OKX

铭文爆发，比特币从点对点电子现金系统扩展为最具价值的 NFT 基础设施。

Due to being entangled in the setting of basic doctrines and peer-to-peer electronic cash systems, most early attempts to build NFT projects on the Bitcoin network ended in failure. Fortunately, Ethereum perfectly took over the NFT narrative, ushering in a grand NFT Summer wave and further catalyzing the accelerated integration of Web3 and the real economy. However, the first NFT wave eventually came to an abrupt end with the arrival of the bear market and fell into a long silence. As time passed and the bull and bear markets alternated, the NFT market entered a phase of repair, and the positioning of Bitcoin NFT and Ethereum NFT also experienced a two-level reversal.

After the Bitcoin Taproot upgrade and Segwit expansion, more data can be stored on the chain. Ordinals were created by Casey Rodarmor, which assigns numbers to Bitcoin's smallest unit, SATS, and writes them into text, images, videos, and other data. NFT assets can be minted, transferred, and destroyed in SATS transactions, and the inscription narrative officially unveils the bull market. Compared to Ethereum NFTs, Bitcoin NFTs are directly stored on the chain, with a fair distribution mechanism, higher decentralization, and security, and bring higher value to the Bitcoin network. However, the Bitcoin network does not have Ethereum's Turing-complete smart contract functionality, so Bitcoin NFTs do not support complex custom settings and have limited storage space. Nevertheless, the Bitcoin ecosystem has completed pioneering work and is moving towards NFT infrastructure. During the hot period, BTC NFT's 24-hour trading volume once surpassed Ethereum's ETH trading volume.

With the innovation of Bitcoin NFT and Inscription Narrative, the NFT market has been changing rapidly. OKX NFT market responded to user demands first and launched the OKX Ordinals market, quickly taking a place in the market. According to Dune data, on January 30th, OKX Ordinals market accounted for 89.3% of the market share, with a total transaction volume exceeding 1 billion US dollars, becoming the largest BRC20 Inscription and BTC NFT trading market in the industry. In addition, OKX NFT market will also integrate standards such as DRC-20 and ARC-20 at the end of February, continuing to lead the development of Bitcoin Inscription ecological infrastructure. Moreover, in addition to Bitcoin Inscription, OKX NFT market has also supported Aptos and Solana ecological inscriptions, accelerating their rise in the NFT market.

铭文叙事起，NFT 用户注意力从以太坊转向比特币

The inscription narrative begins, NFT users' attention shifts from Ethereum to Bitcoin.

The blue-chip projects that once dominated the NFT market, such as BAYC, Azuki, and CryptoPunks, were unable to sustain their high values in the long term and ultimately regressed to the mean in the bear market crash. The typical NFT narratives they advocated for, such as PFP, art, and equity, have become old stories. At the same time, the "one super and many strong" pattern of the NFT market has quietly changed, with some NFT head platforms sticking to the rules and some emerging platforms rising to the challenge, seeking change in the ever-changing market.

In 2023, Bitcoin's inscriptions and narratives ignited the market, and NFT users shifted their attention from Ethereum to Bitcoin. The market's capital flow began to become active, and Bitcoin Frogs, the leader of Bitcoin NFT projects, had a daily trading volume that surpassed BAYC, the leader of Ethereum NFT, multiple times. This sparked a "redefining fairness" movement from the bottom up in the community. However, Bitcoin's lagging infrastructure cannot make up for the gap in user demand. As a platform with technological accumulation and innovation drive, OKX NFT was the first to launch the Ordinals market, responding to user demand in a timely manner and achieving exponential user growth. According to Dune data, as of January 30th, the number of users in its Ordinals market has reached 138,704, accounting for 89.3% of the market share, and the total transaction volume has exceeded 1 billion US dollars, ranking first in the industry.

OKX Ordinals Market is completely decentralized, with no platform service fees for interaction, and supports a one-stop transfer, trading, and engraving of BRC-20 and BTC NFTs, as well as a powerful inscription tool that supports users to sign and engrave in batches with a single signature. BTC network engraving can be done in batches of up to 1200 at a time, while EVM network engraving is done automatically in batches of up to 50 at a time. Users can choose between text mode or hexadecimal mode and perform single or batch engraving on individual or multiple texts on 23 mainstream EVM public chains and BTC, with fully automated user transactions sent without the need to import private keys, making it more secure and convenient. In addition to batch engraving, OKX Ordinals Market also supports users to purchase and transfer in batches, allowing simultaneous purchase of BRC-20 inscriptions and BTC NFTs, with a maximum of 10 transactions per purchase, eliminating cumbersome steps and improving transaction efficiency.

Bitcoin NFT minting fees are related to data size and minting speed. To solve the two major problems of "expensive" and "congested" interactions on the Bitcoin chain, OKX Ordinals Market further reduces user GAS by optimizing UTXO spending order and avoiding low GAS malicious carding through encrypted PSBT signatures, disabling RBF transactions, and server broadcasting during user orders and purchases. In terms of UTXO management, OKX Ordinals Market supports effective UTXO spending prevention and intelligent removal of invalid UTXOs. The platform can automatically identify worthless NFTs, as well as invalid BRC-20 and BRC20-S inscriptions, helping users to release them with just one click.

Aside from continuously meeting the growing demands of users, the OKX Ordinals market also empowers industry development through initiatives such as open sourcing and API upgrades. The API function now supports faster order placement through API, with zero transaction fees while enjoying better depth and liquidity. The comprehensive open source OKX ORD Indexer of the OKX Ordinals market not only supports Ordinals protocol parsing and transaction events, inscription data, UTXO status queries, but also supports BRC20 protocol parsing and transaction events, balance, ticker queries, and bitmap protocol parsing, thus continuously building the Bitcoin ecosystem.

Bitcoin inscription narrative has exploded, driving the prosperity of the inscription ecology of major public chains. In order to support the comprehensive development of the industry inscription, OKX NFT market has gradually supported recursive inscription, curse inscription, BRC-420 standard, Solana inscription, and Aptos inscription transactions, and will also integrate ARC-20, SRC-20, Runes, and DRC-20 inscription token standards, becoming the first and most advanced one-stop inscription ecological platform in the Web3 industry. Obviously, behind these diversified measures, millions of users can conduct zero-cost transactions in the expanding world of inscription standards, and help OKX NFT become the largest inscription market in the industry. The decline of the old NFT narrative has created the rise of new platforms. The "one super and many strong" NFT pattern dominated by Opensea is gradually being dismantled, and multiple new forces are opening up a diversified development era. In the new battle of inscriptions, the brave will win.

Three Core Driving Forces, OKX NFT Market Accumulates and Releases

OKX NFT market covers separate NFT section, Ordinals market, and Drops section. Its ability to quickly stand out in the inscription battle is largely attributed to its long-term craftsmanship and product development. According to Dappradar data, OKX NFT market has repeatedly ranked first in the industry in terms of 24-hour trading volume, and even achieved counter-trend growth in the bear market. Through in-depth experience and community research of OKX NFT market, it is not difficult to find that solid infrastructure construction, rich and diverse functions, and product innovation are the three core driving forces behind its rise.

In terms of infrastructure construction, OKX NFT market has dual strategies. On the one hand, it simplifies users' cross-chain transactions by accessing EVM networks such as Ethereum, zkSync, Polygon, Arbitrum, and heterogeneous chains such as Solana, Aptos, Sui, and Starknet. On the other hand, it continuously aggregates orders from multiple platforms such as Tensor, OpenSea, Magic Eden, LooksRare, IMX Official, Element, and Blur to provide users with the best prices and liquidity. As of now, OKX NFT market has integrated 20+ public chains and 30+ NFT platforms. With the continuous growth of its integration scale, the number of users is increasing, especially playing an important role in new chain ecosystems such as Aptos and zkSync.

Based on the best depth and smooth cross-chain experience, the OKX NFT market also supports multi-dimensional intelligent user interaction strategies, multi-dimensional security strategies, API standards, and ecological construction, etc., further enhancing the user experience. For example, the launch of the multi-dimensional intelligent user interaction strategy function supports users to simultaneously place multiple orders on the OKX NFT market or Opensea, etc., with only one authorization signature, and intelligently selects the contract calling method according to user needs when purchasing, maximizing the reduction of user operation processes and gas consumption. The multi-dimensional security strategy function can perform multiple checks when collecting NFT projects, automatically identifying fake airdrop tokens, etc., and shielding and processing them to help users avoid gas and asset losses.

Regarding diversified functions, OKX NFT market provides rich functions in terms of NFT target search, data reference, transaction process, and experience, helping users better filter and trade in massive NFT targets. The search function of OKX NFT secondary market supports collection, commodity, and user address dimensions, and provides filtering functions such as authentication and chain dimensions, allowing users to have a more comprehensive understanding of NFT targets. In addition, OKX NFT market also provides data visualization functions such as displaying popular collection, transaction ranking, price & trading volume, transaction scatter plot, order depth chart, and position dispersion, allowing users to make faster and more scientific decisions. In terms of transaction process, it fully supports users' basic functions such as batch order placement, order price modification, collection bidding, accepting bids, batch transfer, and can pre-execute interception of user transactions to avoid loss of on-chain assets.

Regarding innovation, the OKX NFT market also supports batch creation and editing of user-created collections, and has launched an AI creation function. With the batch creation function, whether you are an ordinary user, artist, or project party, you can upload 10K image works with one click, generate your own NFT collection and independent NFT contract without understanding or learning complex and obscure contracts and technologies. In addition, users can create art works through AI or upload existing art works. Besides being able to generate art works through text descriptions and uploaded images, dozens of art styles have been added, which creators can freely choose from, greatly improving the quality and experience of creation.

除了上面重点展开的 NFT 板块和 Ordinals 市场，OKX NFT Market also has a very eye-catching Drops section. The Drops section is OKX NFT Market's exclusive first-level distribution platform, completely decentralized and fair. By selecting popular and high-quality NFT assets, users can participate at discounted prices in a timely manner. In addition, we also cooperate with high-quality project parties from time to time, such as Nobody and TinFun, to exclusively offer whitelist opportunities and help users better seize profit opportunities.

As a multi-chain aggregation platform with zero transaction fees that integrates creative, collection, and trading functions, the OKX NFT market has grown into one of the most comprehensive and advanced NFT markets in the industry by deeply understanding users' real needs, crafting products with ingenuity, and leveraging three strategic levels of infrastructure construction, diversified functions, and product innovation.

Innovation never stops, NFT unlocks unlimited imagination

Under the infiltration of the digital wave, the NFT market has also experienced an unprecedented boom and innovation, gradually becoming the dominant force in global digital art, gaming, and virtual asset trading, and presenting rich appearances in multiple fields. Looking back, Beeple's NFT digital artwork "Everydays: The First 5000 Days" sold for a sky-high price of $69 million at the New York Christie's online auction, Yuga Labs' metaverse project Otherside triggered a 3-hour GAS WAR, and BTOK purchased the most expensive Bored Ape Yacht Club #7537 for 1024ETH, constantly refreshing users' cognition and pushing NFTs to an epic climax.

However, the ultimate NFT narrative cannot sustain long-term prosperity, and all the prosperity is lonely in the cold winter of encryption. During the long process of mean reversion of NFT value, users are mixed with frustration and expectation. In 2024, with the outbreak of Bitcoin's inscription narrative, the NFT market will rebound and the pattern will also undergo tremendous changes. OKX NFT market, a multi-chain aggregation platform that responds to user needs first, ultimately stands out with its excellent product experience and comprehensive advanced features, winning wide support and trust.

Bitcoin NFT has just started, and networks such as Aptos and Solana are also iterating rapidly. With the continuous upgrading and improvement of infrastructure represented by the OKX NFT market, the future market evolution is full of interest. Although the sustainability of the inscription wave cannot be predicted, the innovation of NFT will go far beyond this. Whether it is the exploration of various possibilities such as digital art, gaming, asset copyright, on-chain identity, or combination with real estate, the immutability of blockchain guarantees the transparency and security of transactions, which promotes the development and boundaries of the crypto world. However, with the continuous development of technology, the NFT market will continue to usher in more innovation and changes, becoming an indispensable part of the digital age.

For example, the NFT market can improve transaction speed and reduce costs by widely adopting Layer2 solutions, NFT-ize through social media to provide users with richer social experiences, and so on. Overall, in the balance of technological innovation, industry compliance, and social acceptance, NFTs will continue to play a key role in the cryptocurrency industry and are expected to find new development paths in the constantly changing environment, bringing more innovative experiences to cryptocurrency assets. As a user, all you need to do is keep exploring and experiencing to see the future of NFTs earlier.

This article is from a submission and does not represent the views of BlockBeats.

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