In recent months, the NFT market has been extremely competitive, with various platforms vying for the attention of buyers and sellers. One of the most prominent contenders in this race is Blur — a marketplace for free NFTs that has grown in popularity since its launch.
According to the data analysis platform Nathan LoveOn February 15, Blur surpassed OpenSea in daily transaction volume on Ethereum for the first time, marking a major milestone for the platform.
According to data provided by Nansen, Blur achieved a staggering daily transaction volume of $117.7 million at its peak on February 22, about nine times the volume of OpenSea. After the launch of the native token, the volume of the Blur market increased, further intensifying the competition between the two NFT markets.
source: Nansen
Trading volumes on the Blur platform increased after a Blur blog post suggested creators block NFT listings on OpenSea to collect all royalties on Blur’s free marketplace. Blur’s team pointed out the difference between Blur’s and OpenSea’s royalty payment options.
Initially, Blur followed a royalty-optional model, but now requires collections to block OpenSea so that creators collect all royalties on its platform. When OpenSea detects a transaction on Blur, it automatically sets royalties as an option, which Blur recommends as a policy that should be discontinued.
#VagueDaily trading volume reached $117.7 million, more than #offshore 9 times @azcoinnews https://t.co/cEz9ZfqOPQ
— Kyptos (@azcoinnews) March 16, 2023
Despite being a new entrant to the NFT market, Blur has managed to capture a significant portion of the trading volume in a short period of time. For the top 10 collections (which vary slightly), Blur achieved roughly 46% of OpenSea’s sales in less than 5 months, according to Nansen. The platform’s dashboard is publicly accessible to users, allowing users to choose between different markets and time frames.
As competition among the NFT marketplace continues to heat up, it remains to be seen whether Blur can maintain its impressive growth rate and compete with older platforms like OpenSea in the long run. However, the platform’s success to date is a testament to the growing demand for NFTs and the potential for new players to disrupt the market.
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according to Kyptos
