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.

Non-fungible 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.