OpenSea drops to 4th place as NFT sales decrease
The NFT sector is currently experiencing a significant downturn, as OpenSea slips to fourth place among the leading marketplaces. CryptoSlam data reveals that global NFT sales have plummeted by 26% in the past 24 hours, with a trading volume of $58.2 million. This decline may be attributed to investors shifting their focus towards cryptocurrencies. The Ethereum network remains at the top of the charts with $23.5 million in NFT sales, followed by Bitcoin with a trading volume of $20 million. NodeMonkes, a Bitcoin-based digital collection released in December 2023, has recorded the highest sales in the past 24 hours, surpassing Ordinals, Bored Ape Yacht Club (BAYC), and Pandora with over $5 million in sales.
Furthermore, according to CryptoSlam, the number of NFT buyers and sellers has decreased by 4% and 9.4% respectively in the past 24 hours. DappRadar data shows that Blur is currently the leading NFT marketplace with a total sales volume of $25.3 million in the past day. However, Blur has experienced a 3.3% decline in sales with approximately 4,570 unique trades in the past 24 hours.
Magic Eden, the second-largest NFT marketplace in the past 24 hours, has also witnessed a significant 38% drop in its trading volume, which now stands at $8.4 million with 10,510 sales. Conversely, the OKX NFT Marketplace has seen a slight increase in its daily NFT sales volume, which currently sits at $5 million.
OpenSea, once the largest NFT marketplace, now holds the fourth position with a 24-hour trading volume of $4.99 million. The average price of a digital collectible on OpenSea has declined by 22.22% in the past 24 hours. This bearish sentiment in the NFT ecosystem contrasts with the impressive gains seen in the cryptocurrency sector over the past month, with Bitcoin reaching a new all-time high.
Read more: The market cooldown: Why is crypto down today?
