The heat of the Non-Fungible Token (NFT) market has not been as intense as in 2021, but it would not be accurate to say that NFTs have "cooled down." Since the CryptoKitties craze sparked the NFT concept in 2017, NFTs have gradually expanded from the art domain to sports, music, virtual real estate, and other areas, with an increasingly wide range of market applications. In 2021, Beeple's "Everydays: The First 5000 Days" was sold for $69 million, marking the peak of the NFT market.
Today, as the market becomes more rationalized and enters an innovative stage, investors and developers remain confident in the technological potential and commercial prospects of NFTs, such as the emergence of Ordinals and Runes in the Bitcoin ecosystem, which are new evolutions of NFTs. At the same time, major platforms like OKX, SuperRare, and OpenSea are facing increasingly fierce competition, and the future application scenarios of NFTs remain broad. Since its launch, the OKX Marketplace has quickly become one of the important platforms in the NFT field, thanks to its strong multi-chain support, flexible user experience, and innovative trading models.
Compared to other NFT markets, the OKX Marketplace provides a more convenient user interface, diverse asset support, and strong liquidity, attracting a large number of artists, collectors, and users to participate. The Invisible Infrastructure 07 will focus on the underlying design of the OKX NFT market, delving into the product development and insights of the OKX Web3 NFT team through dialogue, aiming to help users better understand the NFT trading tools.
How to Understand the Evolution of the NFT Market
OKX Web3: We can understand the evolution of the NFT market from multiple perspectives, including technological innovation, market demand, NFT culture, and practical applications.
1.Origin and Concept Stage (2014-2017)
The concept of NFTs can be traced back to 2014, when the "Colored Coins" project first demonstrated the possibility of using blockchain technology to represent digital assets. However, the real catalyst for widespread attention was CryptoKitties in 2017, a collection-based game built on Ethereum that allowed users to buy, sell, and breed crypto-cats. This game showed that blockchain technology could not only handle transactions but also manage unique digital assets, thus laying the foundation for the NFT market.
2.Development and Boom (2020-2021)
2020 was a year of rapid expansion for the NFT market, mainly due to the rise of DeFi and public chain ecosystems. NFTs were no longer limited to art works, but also began to be applied in the fields of music, virtual real estate, and gaming. Platforms like OpenSea, Rarible, and SuperRare started to gain widespread use. Among them, the OKX Marketplace quickly emerged as a leading platform, not only consolidating its market position by supporting a multi-chain trading environment, but also showcasing unique advantages in the industry through its pioneering Bitcoin NFT ecosystem.
In 2021, the NFT market experienced explosive growth, with Beeple's "Everydays: The First 5000 Days" selling for $69 million, marking the high point of the NFT market. The trading volume of NFTs reached $2.5 billion in 2021, covering areas such as art, sports collectibles, and game assets. That year, NFTs gradually became a part of mainstream culture, with many brands and celebrities joining the creation and sale of NFTs.
3.Market Adjustment and Cooling Period (2022)
In 2022, with the overall volatility in the crypto market, the NFT market also experienced an adjustment, with a decline in trading volume and a trend towards more rational pricing. This period was seen as a "cooling period" for the market, with speculative capital decreasing, but long-term holders and genuinely interested investors still maintaining their focus on NFTs. During this stage, the application scenarios of NFTs became more diversified, including not only art, but also virtual real estate, music copyrights, and social tokens. Major platforms also introduced more technical optimizations, such as reducing transaction fees and improving user experience.
4.Continuous Innovation and Maturity of NFTs (2023-Present)
Currently, the NFT market is gradually transitioning from a frenzy period to a more mature stage. Platforms such as OKX Marketplace and Magic Eden, with their multi-chain support, smart contract innovations, and widespread applications in the metaverse, are driving the diversified development of the NFT market. On the technical front, emerging Layer 2 solutions like Polygon and Immutable X have further reduced transaction fees and improved the user experience. NFTs are no longer just speculative tools, as more brands and companies explore their applications in the metaverse, gaming, and identity verification. With technological innovation, NFTs are bringing more practical application value to digital ownership and asset management.
What are the Core Functions Provided by the OKX Marketplace?
OKX Web3: We will briefly list the core functions of the OKX Marketplace.
1. Depth of Support for the Bitcoin Ecosystem
The OKX Marketplace has demonstrated strong innovation in the Bitcoin ecosystem. Although the initial design of Bitcoin was not intended to support smart contracts or NFTs, with the development of new technologies like Ordinals and Bitcoin Runes, the Bitcoin ecosystem is rapidly integrating into the NFT market and promoting the prosperity of the Bitcoin ecosystem. We were among the first to support Bitcoin NFT-related protocols and asset trading, such as Ordinals and Runes, and have continued to lead in innovative tools within the Bitcoin ecosystem.
2. Multi-Chain Support, Connecting Mainstream and Emerging Chain Ecosystems
In addition to Bitcoin, the OKX Marketplace supports nearly 40 mainstream blockchains, including Ethereum, TON, Solana, Polygon, Arbitrum, and Scroll. Through extensive multi-chain support, we provide users with a one-stop service, making it convenient for them to manage and trade NFT assets across different blockchain networks, enhancing the platform's compatibility and practicality.
3. Aggregating Multiple Market Transactions, Providing One-Stop Service
The OKX Marketplace aggregates orders from major NFT markets, including OpenSea, Blur, Magic Eden, and Tensor, providing a cross-platform trading experience. Users can directly trade the best orders from different markets on our platform, without the need to switch between different applications. This model not only enhances the user experience, but also makes the OKX Marketplace the first choice for NFT traders and collectors.
4. Zero-Fee Transactions, Benefiting More Users
The OKX Marketplace's zero-fee strategy significantly reduces the transaction costs for users. This innovation not only enhances the platform's market competitiveness, but also attracts and benefits a large number of users and creators to choose the OKX Marketplace for their transactions. Especially for users active in the Bitcoin ecosystem, the zero-fee feature further reduces the participation threshold for NFTs, promoting the circulation and adoption of ecosystems like Bitcoin.
5. Powerful Data Analysis Tools, Empowering User Decisions
The OKX Marketplace provides users with comprehensive data analysis tools to help them gain insights into market trends and asset performance. These tools not only help users track the real-time performance of emerging assets like Bitcoin Ordinals and Runes, but also provide detailed market analysis, such as candlestick charts and historical transaction data, like real-time rankings, to help collectors make informed decisions.
OKX Marketplace and the Bitcoin Ecosystem
OKX Web3: The innovative development of the Bitcoin ecosystem has injected new vitality into the NFT market, and the OKX Marketplace is one of the main drivers of this process. Bitcoin Ordinals, which initially provided a new way to record art and data on the Bitcoin chain, were quickly supported by us, allowing users to directly mint, trade, and manage Bitcoin Ordinal assets on the platform. This support not only enhances the usability of the Bitcoin network, but also opens up new asset categories.
Furthermore, OKX was the first in the industry to support Runes and the Fractal Bitcoin protocol, further expanding the Bitcoin ecosystem. Particularly with Fractal Bitcoin, which uses sharding technology to optimize the storage and processing efficiency of Bitcoin NFTs, we have taken the lead in this field thanks to our advanced technology and innovative mindset. The OKX Marketplace provides powerful tools for the Bitcoin ecosystem:
1. Depth Integration of Bitcoin NFT Tools
The OKX Marketplace provides a comprehensive set of tools to support Bitcoin NFT users, including Bitcoin Ordinal minting, Runes management, and Fractal Bitcoin Ordinal trading tools. Users can directly participate in various Bitcoin NFT operations through the OKX Web3 wallet, which not only simplifies the process, but also provides comprehensive developer documentation, greatly enhancing the trading experience of Bitcoin NFTs.
2.NFT Minting and Issuance, Empowering Creators
The OKX Marketplace provides users with convenient NFT minting tools, supporting multiple chains including Ethereum. Creators can easily create, publish NFTs on the platform, and set up exclusive royalty mechanisms, providing them with a stable income source. This feature significantly lowers the threshold for NFT creation and issuance, attracting more artists and developers to participate in the ecosystem.
3.Real-time Data and Rankings
We also provide rich market data tools to help users track market dynamics and NFT performance in real-time, especially in the Ordinals market, where users can view rankings, trading volumes, market prices, and K-line data of related assets, providing them with accurate market information support.
4.OKX Drops and Exclusive NFT Releases
The OKX Marketplace regularly launches exclusive NFT projects through activities such as "OKX Drops", providing users with opportunities to purchase rare NFTs. These limited-edition NFTs not only increase the platform's appeal but also bring users a unique collecting experience.
How to Consider User Needs, Market Trends, and Product Integration
OKX Web3: In the development process of the OKX Marketplace, we have always focused on insights into user needs and have been guided by market trends. First, through data analysis and user feedback, we identify users' pain points and needs in NFT trading and collection, such as the complexity of cross-chain asset management, high transaction fees, and low transparency of market data. Based on this user feedback, we have introduced features such as multi-chain support, zero-fee transactions, and real-time data analysis, aiming to simplify the user experience and lower the threshold for entering the NFT market.
When evaluating the priority of new features, we mainly consider three key dimensions:
1.Urgency of user needs: We will prioritize solving widely existing user pain points in the market and quickly adjust the product through continuous user surveys and feedback mechanisms.
2.Changes in market trends: The NFT market is developing extremely rapidly, so in product iterations, we closely monitor market dynamics, such as support for emerging blockchain protocols, like Ordinals.
3.Feasibility and innovation of technology: The OKX Marketplace combines the latest blockchain technology trends, such as Ordinals, Runes, and Fractal Bit, to launch innovative features, while maintaining the technical feasibility of the product, ensuring that new features can be quickly launched and provide users with a stable user experience.
Although the NFT market has experienced rapid growth in recent years, followed by a market downturn, it still faces challenges such as high volatility, high technical barriers, and insufficient user education. Particularly in the Ordinals NFT field, while new assets and new protocol layers are emerging, the market's maturity still requires time to consolidate. The OKX Marketplace is actively addressing these challenges by continuously innovating technology, closely aligning with user needs and market trends, and providing users with cutting-edge features and seamless trading experiences.
Innovation Directions and Future Challenges
OKX Web3: We have witnessed the NFT market go through a cycle of initial concept validation, explosive growth, market adjustment, and technological innovation. In the long run, we remain optimistic about this field. As the industry continues to innovate technologically, the NFT market will see larger-scale applications and innovations, especially driven by the Bit ecosystem, where NFTs will not only play a crucial role in digital art but also demonstrate unique value in finance, gaming, ticketing, and virtual reality.
While continuously expanding its Ordinals NFT ecosystem support, the OKX Marketplace is also actively exploring more functional innovations. On the one hand, we plan to further optimize the user experience, connect to more networks, and provide comprehensive services to users and project parties in terms of user experience, primary and secondary market support, and developer documentation.
On the other hand, we are also exploring more GameFi features, combining NFTs and games to expand the application scenarios of NFTs, and drive innovations in RWA (Real World Asset) in-game asset trading and virtual real estate. This will bring users more diverse use cases and further promote the popularization and application of the NFT market. In the future, we will continue to drive the development of the NFT industry through technological innovation and product optimization, especially in the Bit ecosystem and GameFi field, striving to provide users with more diverse choices and experiences.
Disclaimer
This content is for reference only and does not constitute and should not be construed as (i) investment advice or recommendation, (ii) an offer or solicitation to buy, sell or hold any digital asset, or (iii) financial, accounting, legal or tax advice. We do not guarantee the accuracy, completeness or usefulness of such information. Digital assets (including stablecoins and Non-Fungible Tokens) are subject to market volatility and carry high risks, which may result in depreciation or even become worthless. You should carefully consider your financial condition and risk tolerance before engaging in any digital asset transactions. Please consult your legal/tax/investment professionals for your specific situation. Not all products are available in all regions. For more details, please refer to the OKX Terms of Service and Risk Disclosure & Disclaimer. The OKX Web3 mobile wallet and its derivative services are subject to separate terms of service. You are responsible for understanding and complying with applicable local laws and regulations.
