Will OpenSea succeed in regaining dominance from Blur?

Blur has captured a large portion of the OpenSea market share. Can this continue?

open sea

The burgeoning NFT market has taken on the once market leader, but OpenSea appears to be making a comeback, albeit slowly.

The percentage of unique users on OpenSea has increased since the mid-February plunge, according to Dune Analytics data compiled by Sealaunch.xyz.

At the same time, the average sale size per user dropped significantly in post-airdrop Blur. Since the event, trading volumes for major collectibles such as Cryptopunks, Bayc, OtherDeed, Mayc, Mebits, Moonbirds, Clonex, and Doodles have decreased on Blur and increased on OpenSea.

The governance token BLUR was airdropped to users last week. These tokens have even amassed a trading volume of over $1 billion.

Blur and OpenSea

As part of the takeover strategy, Blur updated its copyright policy to specify that NFT creators cannot earn royalties on Blur and OpenSea at the same time. During its November launch, Blur didn’t collect full royalties — the platform didn’t enforce fees on resales of digital collections. Instead, it is up to the buyer to choose whether to enforce the artist’s royalty policy. However, this has been extended to royalties with a minimum fee of 0.5%.

Opensea reportedly needs new collectibles to stop Blur from enforcing royalties. Blur then tried to sidestep the blacklist by developing a new market on Opensea’s Seaport agreement. The goal is to enable creators to receive full royalties on both platforms.

Last November, OpenSea revealed that collectibles seeking to enforce royalties must block markets that don’t fully honor them.

NFT sales soared in February of this year, reaching the highest level since Terra’s crash. Blur mostly helps with spikes.communicate overcome Opensea’s transaction volume.

allegations of market manipulation

Blur’s transaction volume soared above $1 billion in February. While the numbers are down, the volume was generated by a handful of whales flipping NFTs back and forth to accumulate BLUR tokens through the program. Company incentives.

Cryptoslam is the leading platform for tracking NFT sales, explain They will remove $577 million worth of Blur transactions from the data, citing “market manipulation.”

It went on to reveal that, as of February 14, 80.5% of Blur’s sales were wash trades. By comparison, only 2.6% of OpenSea’s sales during the same period were wash trades.

  • Veteran short-seller predicts Silvergate bank will fail within 1 week
  • Galaxy Digital: Bitcoin NFTs have the potential to reach $4.5 billion by 2025
  • NFT volume returns to pre-LUNA levels in February


According to CryptoPotato

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img