In recent months, the NFT market has witnessed intense competition between various marketplaces, with each platform vying for the attention of buyers and sellers. One of the most prominent contenders in this race has been Blur, a zero-fee NFT marketplace that has been steadily growing in popularity since its launch.
According to data analytics platform Nansen.ai, Blur surpassed OpenSea in daily Ethereum trading volume for the first time on Wednesday, Feb. 15, marking a significant milestone for the platform.
Data provided by Nansen shows that Blur achieved a staggering $117.7 million in daily trading volume at its peak on Feb 22, which is about 9 times OpenSea’s volume. The surge in trading volume on Blur’s marketplace comes after the release of its native token, which has further fueled the competition between the two NFT marketplaces.
📊 Blur did $117.7 million in daily trading volume at its peak on Feb 22, about 9 times OpenSea’s volume. pic.twitter.com/eN9IFX4M46
— Nansen | 📍Paris Blockchain Week (@nansen_ai) March 16, 2023
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’s team has outlined the differences in royalty payment options between Blur and OpenSea.
Initially, Blur 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.
Despite being a relatively new entrant to the NFT market, Blur has managed to capture a significant share of the trading volume in a short period. For their (slightly different) top 10 collections, Blur achieved about 46% of OpenSea’s volume in less than 5 months, according to Nansen’s data. The platform’s dashboards are publicly accessible, providing users with the option to select different marketplaces and time frames.
As the competition between NFT marketplaces continues to heat up, it remains to be seen whether Blur can sustain its impressive growth and compete with more established platforms like OpenSea in the long run. However, the platform’s success so far is a testament to the increasing demand for NFTs and the potential for new players to disrupt the market.
Read more:
- Blur Overtakes OpenSea In Daily Ethereum Trading Volume For The First Time
- NFT Marketplace Blur Announces Mobile Access For Purchasing NFTs
- Blur Announces $BLUR Token Listing And Airdrop On Major Exchanges On February 14th