The non-fungible token (nft) sector is experiencing strong bearish momentum as OpenSea falls to fourth place among major markets.
According to data provided According to CryptoSlam, global nft sales plummeted 26% in the last 24 hours and trading volume currently stands at $58.2 million. One of the main reasons behind the drop could be investors' shift in focus towards cryptocurrencies.
The ethereum network continues to lead the chart with $23.5 million in nft sales in 24 hours, followed by bitcoin trading volume of $20 million, according to CryptoSlam.
bitcoin-based digital collection NodeMonkes, launched in December 2023, recorded the most sales in the last 24 hours (over $5 million), surpassing Ordinals, Bored Ape Yacht Club (BAYC), and Pandora.
According to CryptoSlam data, the number of nft buyers and sellers decreased by 4% and 9.4% in the last 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, the number of Blur sales decreased by 3.3%, with around 4,570 unique transactions, in the last 24 hours.
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Furthermore, the second largest nft marketplace in the last 24 hours, Magic Eden, also witnessed a 38% drop in its trading volume, which is currently around $8.4 million with 10,510 sales.
However, OKX nft Marketplace saw a slight increase in its daily nft sales volume, which currently stands 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 plummeted 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 and bitcoin (btc) even hit a new all-time high.
