Blur “beats” OpenSea in NFT trading volume

After the token airdrop event, the number of users and trading volume on NFT Blur continued to surge with the expectation that the project would continue to airdrop more.

Blur “beats” OpenSea in terms of NFT trading volume. Photo: @waleswoosh on Twitter

According to data from DappRadar, the NFT trading volume on the Blur marketplace platform (BLUR) in the last 24 hours has surpassed 100 million USD. This is the first time this NFT exchange has done so since its launch in October 2022. On February 18, Blur also reached a trading volume of $90 million within a day.

Blur thereby became the first NFT marketplace since April 2022 to record a 24-hour transaction volume above $100 million. In total, over the past week, Blur’s trading volume is nearly 400 million USD.

Statistics on the top of the top NFT exchanges on the morning of February 20, 2023. Source: DappRadar

Notably, Blur’s current transaction volume is 5 times higher than OpenSea, the NFT marketplace has dominated the NFT segment since 2021 until now.

The reason for the superiority is that NFT investors are still flocking to trade on Blur in the hope of being eligible for a future BLUR token airdrop. The BLUR airdrop that took place last week made a big splash in the crypto community, bringing attention to the NFT array again.

However, there are still many comments that the activity on Blur is really just wash trading transactions to artificially inflate trading volume in order to receive airdrops. This is partly reflected in the fact that although owning a 24-hour transaction volume 5 times higher than OpenSea, the number of Blur users is only half that.

However, researcher Hildobby, after analyzing the transaction data and reward conditions of the previous airdrop, came to the conclusion that the wash trading rate on Blur is only 11%, lower than the average 40% of the previous airdrops. Other NFT marketplace.

However, since Blur has not yet announced the conditions for receiving future airdrops, it is still possible that the recent surge in trading volume has been motivated by people who want to farm the airdrop. According to tokenomics, Blur claims to spend up to 51% of the total supply of 3 billion BLUR for community allocation in the next 4-5 years. 12% of the total supply, or 360 million BLUR, was airdropped last week.

The price of BLUR token, after being heavily dumped from 5 USD to 0.5 USD at the time of airdrop and listing, has gradually recovered and stabilized around 1.1 USD – 1.3 USD. The BLUR token in the last 24 hours recorded over $600 million in trading volume, while the market cap is sitting at over $480 million.

BLUR price movement from February 16, 2023 to the morning of February 20, 2023. Source: CoinMarketCap

Most of the sentiment of the NFT investment community is currently optimistic about Blur’s prospects, thinking that it can challenge OpenSea’s position, especially when this NFT marketplace recently “gives away” to pressure. from Blur and announce free trading for a short time, as well as allowing NFT creators to customize royalty fees and unblock other NFT exchanges that don’t respect royalty fees. These changes have helped both the number of users and the transaction volume on OpenSea skyrocket again in the past 24 hours.

Some say that OpenSea has now lost its way when it has abandoned its stance of protecting NFT creators and is now doing everything to compete in volume and users with the competition, while without a compelling tool. to generate excitement such as issuing private tokens.

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