Blur puts itself ahead of OpenSea as the leading NFT marketplace

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Originally posted here.
By: Stephan Fiedler

Overview

NFT marketplace Blur continues its success story, attracting 84 percent of the total volume of all Ethereum (ETH)-based NFT sales in the first week of […]

The mail

NFT marketplace Blur continues its success story, attracting 84 percent of the total volume of all Ethereum (ETH)-based NFT sales in the first week of March. Competitor OpenSea looks confused.

The competition between NFT marketplaces currently knows only one winner: in 2023, Blur, a platform that was first launched in October 2002 but quickly overtook former leader OpenSea in terms of sales, has emerged as the market leader. Data for the first week of March shows: Blur handled 84 percent of NFT sales for those based on Ethereum (ETH), leaving only crumbs for OpenSea and other vendors. Almost $400 million has been transacted by Blur in Ethereum NFT sales over the past seven days, also showing that while the repeatedly invoked decline in NFT markets is palpable, it is not leading to collapse.

According to data from DappRadar, an ETH NFT on Blur fetches an average price of around $1,000, so this is where high-quality NFTs change hands. For OpenSea, the average price per Ethereum NFT is just under US$270. Ethereum-based NFTs account for around 90 percent of the total market and are therefore the benchmark for Blur and OpenSea. At the latest in January, OpenSea defended its market leadership among NFT platforms.

But in February, BLUR was launched, a separate symbol of the marketplace of the same name. BLUR was distributed for free via airdrop to loyal customers and creators at launch, and a campaign is currently running again. OpenSea has so far not countered this strategy of using BLUR to create an additional monetary incentive to do its NFT business on Blur. OpenSea’s decision to temporarily reduce fees to zero has failed to stop the changing of the guard.

Conclusion: BLUR has turned the NFT market upside down

BLUR debuted on the stock market in mid-February and recently showed little movement in the price curve, hovering around $0.60. But it’s apparently enough to make NFT traders and collectors give OpenSea the cold shoulder and switch to Blur. Rumors that OpenSea is also planning its own token have never been confirmed. Experts currently lack a clear idea of ​​how OpenSea will compete with Blur again.

You can buy Blur on Coinbase or KuCoin.