In the world of non-fungible tokens (NFTs), new players have become a major force in the market. After launching its own token, NFT Blur Market has surpassed OpenSea in transaction volume in the past 7 days. Despite only operating on ethereum, Blur saw a 361% increase in transaction volume from last week to $460 million, according to DappRadar. In contrast, OpenSea grew by only 12%, with a transaction volume of $107 million.
#Vague Introducing Season 2 Airdrops to Increase User Activity and Transaction Volume @azcoinnews $fuzzy https://t.co/9DJgDyk5BW
— Kyptos (@azcoinnews) February 21, 2023
This surge wasn’t limited to Blur, with the entire NFT market on Ethereum seeing a 155% increase in volume over the past week. The reason behind this growth is due to the launch of the NFT Blur trading platform. The platform conducted a token airdrop to users who have been using the platform for the past six months. The BLUR token quickly reached a market cap of $433 million and is currently trading at $1,086.
Not stopping there, following the success of the first airdrop, Blur launched a second airdrop campaign to encourage users to use their platform more. This has led to an increase in the frequency of NFT transactions as users look to accumulate points during the upcoming airdrop.
In particular, Otherdeed, the NFT series of Yuga Labs’ upcoming Metaverse project, has seen the most significant market growth over the past week. According to data from CryptoSlam, the transaction volume of the series has increased by 318% in the past 7 days, reaching 63 million US dollars.
The new program not only rewards traders, but also brings together participants who participate in auctions, increasing liquidity and making it easier to trade large volumes on the platform. The model used by Blur is not new to the NFT community.
Blur sees NFTs as a DeFi token and has launched a plan to incentivize users to trade and benefit from liquidity mining. Similar projects that combine NFT and DeFi have gradually emerged, such as SudoSwap, Alienswap, and Bend-DAO, all of which are borrowing NFT projects using a similar model.
The emergence of Blur and the success of its model may herald a new trend in the NFT market. NFTs are not only considered collectibles, but financial instruments that can be used to generate value and income. As the market continues to evolve, it will be interesting to see how this new trend develops and what other innovative projects emerge in this space.
Natural gas ETH
A new chart looking at ethereum gas usage by transaction type versus a 30-day moving average shows that NFTs now account for 27% of ETH gas usage, up from around 15% by the end of 2022.
On the Ethereum network, gas is a unit of measurement used to determine the amount of work required to execute a transaction or smart contract. Gas prices are calculated in Gwei, which is a subunit of Ether.
The amount of gas used in an Ethereum transaction varies by transaction type. For example, simple transactions, such as sending ether from one account to another, require less gas than executing complex smart contracts or verifying multiple signatures.
An NFT is a digital asset that represents ownership of a single item or content, such as artwork or game collectibles. NFTs are gaining popularity on the Ethereum network, and according to recent data, they now account for a significant portion of Ethereum’s total gas usage at 27%.
Blur has now surpassed UniSwap and Seaport to become the leading “gas guzzling platform” on the Ethereum network.
- Blur burns the most ETH in one day, surpassing Uniswap, OpenSea and Ethereum
- Blur’s token airdrop drives up gas prices and massive ETH burns
according to Kyptos