The non-fungible token (NFT) sector is witnessing a powerful bearish momentum as OpenSea falls to the fourth spot amongst main marketplaces.
In response to information offered by CryptoSlam, international NFT gross sales plunged by 26% up to now 24 hours, and the buying and selling quantity is at present standing at $58.2 million. One of many important causes behind the autumn may very well be the traders’ focus shift to cryptocurrencies.
The Ethereum community remains to be main the chart with $23.5 million in NFT gross sales in 24 hours, adopted by Bitcoin’s $20 million buying and selling quantity, per CryptoSlam.
The Bitcoin-based digital assortment NodeMonkes — launched in December 2023 — recorded essentially the most quantity of gross sales up to now 24 hours — over $5 million — overtaking Ordinals, Bored Ape Yacht Membership (BAYC) and Pandora.
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Per CryptoSlam information, the variety of NFT consumers and sellers declined by 4% and 9.4% up to now 24 hours, respectively.
In response to information from DappRadar, Blur is at present the highest NFT market with a complete gross sales quantity of $25.3 million over the previous day. Nevertheless, Blur’s variety of gross sales declined by 3.3%, with round 4,570 distinctive trades, up to now 24 hours.
NFT marketplaces gross sales information – March 6 | Supply: DappRadar
Furthermore, the second-largest NFT market over the previous 24 hours, Magic Eden, additionally witnessed a 38% plunge in its buying and selling quantity — at present hovering at $8.4 million with 10,510 gross sales.
The OKX NFT Market, nonetheless, recorded a slight improve in its day by day NFT gross sales quantity — at present sitting at $5 million.
OpenSea, as soon as the biggest NFT market, is now sitting within the fourth spot with a $4.99 million 24-hour buying and selling quantity. The typical worth of a digital collectible on OpenSea plunged by 22.22% up to now 24 hours.
The bearish sentiment within the NFT ecosystem comes whereas the cryptocurrency sector recorded spectacular features over the previous month and Bitcoin (BTC) even reached a brand new all-time excessive.
Learn extra: Why is crypto down immediately? The market cooldown
