The non-fungible token (NFT) sector is experiencing a notable downturn as OpenSea, once a leading marketplace, falls to the fourth position among its peers.
According to CryptoSlam data, global NFT sales have declined by 26% over the past 24 hours, with the trading volume currently at $58.2 million. This drop is attributed partly to investors shifting their focus towards cryptocurrencies.
Leading the pack is still the Ethereum network, with NFT sales totaling $23.5 million in the past 24 hours, followed closely by Bitcoin’s $20 million trading volume.
In a surprising turn, the Bitcoin-based NFT collection NodeMonkes, launched in December 2023, has emerged as the top seller in the past 24 hours, surpassing other notable collections like Ordinals, Bored Ape Yacht Club (BAYC), and Pandora, with sales exceeding $5 million.
Despite the overall decline in NFT activity, DappRadar reports that Blur remains the top NFT marketplace, boasting a total sales volume of $25.3 million over the past day, albeit with a slight 3.3% decrease in sales. Conversely, Magic Eden, the second-largest marketplace, saw a significant 38% plunge in trading volume, now standing at $8.4 million.
However, the OKX NFT Marketplace bucked the trend, recording a slight increase in daily sales volume, reaching $5 million.
Meanwhile, OpenSea’s decline is evident, with its 24-hour trading volume sitting at $4.99 million, marking a substantial drop from its previous dominance. The average price of digital collectibles on OpenSea also dipped by 22.22% in the past day.
This downturn in the NFT market coincides with the cryptocurrency sector’s recent surge, with Bitcoin reaching new all-time highs. The shift in investor sentiment highlights the dynamic nature of digital asset markets and the cyclical patterns that often accompany them.
Powered by Crypto Expert BD
Follow us on Twitter: https://x.com/CryptoExpert_BD
Join our Telegram channel: https://t.me/CryptoExpert_BD
