The realm of non-fungible tokens (NFTs) is currently experiencing a significant downturn as OpenSea slips to fourth place among the top marketplaces.
Data from CryptoSlam reveals that global NFT sales have dropped by 26% in the last 24 hours, with a trading volume of $58.2 million. This decline may be attributed to investors shifting their focus to cryptocurrencies.
Leading the pack is the Ethereum network with $23.5 million in NFT sales, followed closely by Bitcoin with a trading volume of $20 million, as reported by CryptoSlam.
NodeMonkes, a Bitcoin-based digital collection released in December 2023, has surpassed Ordinals, Bored Ape Yacht Club (BAYC), and Pandora with over $5 million in sales in the past 24 hours.
In addition, the number of NFT buyers and sellers has decreased by 4% and 9.4%, respectively, according to CryptoSlam data.
DappRadar data shows that Blur is currently the top NFT marketplace with a total sales volume of $25.3 million in the last day, despite a 3.3% decline in sales and around 4,570 unique trades.
Another significant player, Magic Eden, has seen a 38% drop in trading volume, now at $8.4 million with 10,510 sales. On the other hand, the OKX NFT Marketplace has experienced a slight increase in daily NFT sales, reaching $5 million.
Formerly the largest NFT marketplace, OpenSea now holds the fourth position with a 24-hour trading volume of $4.99 million. The average price of digital collectibles on OpenSea has dipped by 22.22% in the past day.
This bearish trend in the NFT space contrasts with the impressive gains seen in the cryptocurrency sector over the last month, with Bitcoin reaching a new all-time high.
For more information on the market cooldown and why crypto prices are down today, continue reading.