Once Dominant NFT Marketplace OpenSea Is Touting Differentiation After Pullback

The end of crypto winter has been heralded by rising token prices and the long-awaited approval of Bitcoin exchange-traded funds. But a key segment of the digital-asset universe has lagged behind, despite previously being one of the sector’s hottest corners.

Nonfungible tokens, which are based on blockchain and represent unique ownership of assets like images or even physical objects, saw global sales plummet 63% to $8.7 billion last year, according to data tracker CryptoSlam. That’s even with volume more than tripling to $918 million between October and November. Meanwhile, industry bellwether Bitcoin surged almost 160% in 2023.