The non-fungible token (NFT) sector is witnessing strong bearish momentum as OpenSea drops to fourth among leading marketplaces.
According to data from CryptoSlam, global NFT sales have fallen 26% in the last 24 hours and trading volume currently stands at $58.2 million. One of the main reasons for the decline could be the shift of investors’ focus towards cryptocurrencies.
The Ethereum network still tops the list with $23.5 million in NFT sales in 24 hours, followed by Bitcoin’s trading volume of $20 million, per CryptoSlam.
Bitcoin-based digital collection NodeMonkes – released in December 2023 – recorded the most sales in the past 24 hours – over $5 million – overtaking Ordinals, Bored Ape Yacht Club (BAYC) and Pandora.
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According to data from CryptoSlam, the number of NFT buyers and sellers has fallen by 4% and 9.4% respectively over the past 24 hours.
According to data from DappRadar, Blur is currently the largest NFT marketplace with a total sales volume of $25.3 million in the past day. However, Blur’s sales fell 3.3%, with approximately 4,570 unique transactions, in the past 24 hours.
NFT Marketplace Sales Data – March 6 | Source: DappRadar
Furthermore, the second largest NFT marketplace over the past 24 hours, Magic Eden, also witnessed a 38% drop in its trading volume – currently hovering at $8.4 million with 10,510 sales.
However, the OKX NFT Marketplace recorded a slight increase in daily NFT sales volume – currently at $5 million.
OpenSea, once the largest NFT marketplace, now ranks fourth with a 24-hour trading volume of $4.99 million. The average price of a digital collectible on OpenSea has fallen 22.22% in the last 24 hours.
The bearish sentiment in the NFT ecosystem comes as the cryptocurrency sector posted impressive gains over the past month, with Bitcoin (BTC) even hitting a new all-time high.
Read more: Why is crypto down today? The cooling of the market