The NFT sector is currently experiencing a significant downturn, with OpenSea slipping to the fourth position among leading marketplaces. Global NFT sales have dropped by 26% in the past 24 hours, with trading volume now at $58.2 million. This decline may be attributed to investors shifting their focus to cryptocurrencies.

Despite this, the Ethereum network remains at the forefront with $23.5 million in NFT sales, followed closely by Bitcoin with a $20 million trading volume. Data from CryptoSlam indicates a 4% decrease in the number of NFT buyers and a 9.4% decline in sellers over the past day.

Blur emerges as the top NFT marketplace, boasting a total sales volume of $25.3 million in the last 24 hours. However, the platform witnessed a 3.3% decrease in sales with approximately 4,570 unique trades. Magic Eden, the second-largest marketplace, experienced a notable 38% drop in trading volume, now at $8.4 million with 10,510 sales.

Conversely, the OKX NFT Marketplace saw a slight uptick in its daily sales volume, reaching $5 million. Formerly the largest, OpenSea now occupies the fourth position with a 24-hour trading volume of $4.99 million. The average price of digital collectibles on OpenSea plummeted by 22.22% in the past day. This decline in the NFT market coincides with significant gains in the cryptocurrency sector, including Bitcoin reaching a new all-time high.