The competition between free NFT marketplace Blur and top competitor OpenSea has intensified as both platforms battle for market share for NFT creators.
On Wednesday, Blur published a blog post for NFT creators explaining the differences in royalty payment options between its platform and OpenSea. When Blur first launched in October, the platform adopted the royalty option model popularized by competitors such as X2Y2. In November, it expanded the royalties allowed for NFTs and started enforcing a 0.5% minimum royalty a month later.
Now, Blur says, in order for creators to collect all royalties on their platform, collectors need to blacklist OpenSea, which enforces full royalties on new projects launched on the platform. It does this by allowing creators to add a piece of code to the NFT contract to limit the sale of their items on secondary NFT markets that do not respect royalties.
“Our top priority is to enable creators to earn royalties in all markets they whitelist, rather than being forced to choose,” Blur said in his post.
This blog post outlines the different methods creators can take to ensure they earn royalties when their projects sell on Blur. Artists cannot simultaneously earn royalties on OpenSea and Blur due to conflicting rules, the platform advised creators to prevent their tokens from being listed on OpenSea.
“Today, when OpenSea detects a transaction on Blur, royalties are automatically set as an option. We welcome OpenSea to end this policy so new collectibles can earn royalties everywhere,” Blur said.
In January, traders discovered an apparent loophole that allowed Blur to bypass OpenSea’s policy of blocking secondary market transactions, which disrespects creators’ royalties. According to Nansen, a blockchain data analysis platform, this has intensified the competition between OpenSea and Blur, and the transaction volume has increased rapidly in recent months.
On Tuesday, Blur released its native token BLUR, which saw $500 million in trading volume within hours of the airdrop. According to Dune Analytics, Blur has surpassed OpenSea in transaction volume by more than $13 million in the past week.
Arthur Hayes acquires BLUR
Arthur Hayes, a well-known cryptocurrency entrepreneur and influencer, recently received approximately 341,000 BLUR from an address starting with 0x62ac.
#PeckShieldAlert Address marked by Arthur Hayes has received ~341k $fuzzy From 0x62ac…be1 https://t.co/wWNPoro8uv pic.twitter.com/wjLk06ugyo
— PeckShieldAlert (@PeckShieldAlert) February 16, 2023
That’s because Hayes is on a winning streak with his deals and investments, as all of his recent purchases have made double-digit gains, delivering handsome returns.
Significantly increased interest in the BLUR token from major investors has resulted in erratic price performance.
The price of the token fluctuated wildly, falling from nearly $5 to $0.4 in just a few hours or even minutes.
Despite growing investor interest, BLUR remains relatively unknown in the crypto space.
However, recent investments by influential figures such as Hayes and other big whales have drawn attention to the coin and its potential.
BLUR price performance can be attributed to low liquidity and wide distribution through the airdrop mechanism, resulting in increased price volatility.
As large investors continue to show interest in the token, its price is likely to continue to fluctuate.
- BLUR drops 87% after Blur.io unlocks 360 million tokens, admits NFT Wash trade
- Battle for NFT Market Share Escalates Between OpenSea and Blur
According to AZCoin News