The non-fungible token (NFT) sector is experiencing a significant downturn with OpenSea falling to fourth place among the top market platforms.
A notable decline in the world of NFTs
According to figures released by CryptoSlam, there is a significant drop in the non-fungible tokens (NFT) domain. Remarkably, global NFT sales have dropped by 26% in the last 24 hours. Currently, the trading volume stands at $58.2 million.
The increasing appeal of cryptocurrencies
This decline could be attributed to the growing interest of investors in cryptocurrencies. “Ethereum leads the chart with $23.5 million of NFTs sold in 24 hours”, states CryptoSlam, and adds that Bitcoin comes in second with a trading volume of $20 million.
Major players in decline
Furthermore, according to DappRadar figures, Blur is leading the NFT marketplaces with a total sales volume of $25.3 million in the past day. However, there is a 3.3% contraction for Blur. On the other hand, OpenSea, once the largest NFT market, has slipped to fourth place with a 24-hour trading volume of $4.99 million.
Difficult prospects to predict
Is it appropriate to speak of a sector slowdown? It is still too early to say. This significant decrease comes at a time when the cryptocurrency sector has recorded impressive gains over the past month.
It is essential to remain cautious, as the NFT and cryptocurrency markets are extremely volatile and can experience significant fluctuations in a short period of time. These markets require constant monitoring because “what goes up must come down”.