In a dramatic turn of events, non-fungible token (NFT) marketplace Blur overtook OpenSea in daily Ethereum trading volume for the first time on Wednesday, Feb. 15, according to data analytics platform Nansen.ai. The surge in trading volume on Blur’s marketplace comes after the release of its native token the day before, which has further fueled the competition between the two NFT marketplaces.
Blur’s marketplace recorded a trading volume of 6,602 ether (ETH) on Wednesday, while OpenSea’s trading volume stood at 5,649 ETH. This development has shaken up the NFT market, which has been dominated by OpenSea for quite some time.
The increase in trading volume on Blur’s platform followed a blog post from Blur recommending creators to block NFT listings on OpenSea, as a means of collecting full royalties on Blur’s zero-fee marketplace. Blur team also outlined the differences in royalty payment options between Blur and OpenSea. Blur initially followed a royalty-optional model, but now requires collections to blocklist OpenSea in order for creators to collect full royalties on its platform. OpenSea automatically sets royalties to optional when it detects trading on Blur, which Blur suggests is a policy that should be discontinued.
This surge in trading volume is seen as a testament to the growing popularity of NFTs and the increasing demand for digital art, collectibles, and other virtual assets. NFTs have become the talk of the town, with many artists and creators making millions of dollars selling their digital art on these platforms.
The release of Blur’s native token and the accompanying push to attract creators away from OpenSea appears to have been a game-changer. While OpenSea remains the leading NFT marketplace, Blur’s recent success suggests that the competition is getting more intense, and it is not all about OpenSea anymore.
The rise of Blur and the growing competition between the two platforms may also mean that creators will have more options to choose from when it comes to selling their NFTs. This could ultimately lead to better deals and royalties for artists and content creators.
Read more:
- Blur NFT Marketplace Launches BLUR Token, Offers Airdrop To Traders, Care Package Holders, And Creators
- NFT Sales Show Signs Of Recovery As Ethereum Dominates Market
- Blur Announces $BLUR Token Listing And Airdrop On Major Exchanges On February 14th