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The non-fungible token (NFT) sector is witnessing a strong bearish momentum as OpenSea falls to the fourth spot among leading marketplaces.
According to data provided by CryptoSlam, global NFT sales plunged by 26% in the past 24 hours, and the trading volume is currently standing at $58.2 million. One of the main reasons behind the fall could be the investors’ focus shift to cryptocurrencies.
The Ethereum network is still leading the chart with $23.5 million in NFT sales in 24 hours, followed by Bitcoin’s $20 million trading volume, per CryptoSlam.
The Bitcoin-based digital collection NodeMonkes — released in December 2023 — recorded the most amount of sales in the past 24 hours — over $5 million — overtaking Ordinals, Bored Ape Yacht Club (BAYC) and Pandora.
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Per CryptoSlam data, the number of NFT buyers and sellers declined by 4% and 9.4% in the past 24 hours, respectively.
According to data from DappRadar, Blur is currently the top NFT marketplace with a total sales volume of $25.3 million over the past day. However, Blur’s number of sales declined by 3.3%, with around 4,570 unique trades, in the past 24 hours.
Moreover, the second-largest NFT marketplace over the past 24 hours, Magic Eden, also witnessed a 38% plunge in its trading volume — currently hovering at $8.4 million with 10,510 sales.
The OKX NFT Marketplace, however, recorded a slight increase in its daily NFT sales volume — currently sitting at $5 million.
OpenSea, once the largest NFT marketplace, is now sitting in the fourth spot with a $4.99 million 24-hour trading volume. The average price of a digital collectible on OpenSea plunged by 22.22% in the past 24 hours.
The bearish sentiment in the NFT ecosystem comes while the cryptocurrency sector recorded impressive gains over the past month and Bitcoin (BTC) even reached a new all-time high.
Read more: Why is crypto down today? The market cooldown