Blur extends its NFT market lead over OpenSea and Alpha Sharks comes in third – CryptoMode

Finding the most optimal NFT marketplace remains critical for digital art enthusiasts. But while OpenSea used to dominate the space, it no longer holds a position of power. Instead, it has become second fiddle to Blur, although it remains ahead of all other competitors.

Blur continues to dominate

Some people seem surprised to learn how Blur became the largest Ethereum-based NFT marketplace in the past year. It shouldn’t be too surprising, as OpenSea held that position for far too long. However, the platform has many problems – especially regarding stolen items – and has slowly started to lose its market grip. On the upside, it has a meager sink trade volume, at just 2.33% of all transactions.

One must also consider that OpenSea has an enormous volume. Since its inception, it has facilitated nearly $33 billion in NFT trades. Moreover, it has generated over 27.62 million trades, of which 0.71% have been identified as laundry trade activity. The statistics confirm that OpenSea is a popular NFT marketplace, but it needs to maintain the overall momentum.

However, Blur has become the new king of the hill. With 1.8 billion dollars in total volume – and 11.75% laundry trade – There is growing interest in that platform. However, the wash trade percentage is problematic, especially for a platform that combines direct NFT trading with aggregation. However, less than 2% of all trades are laundry trades, which indicates some nefarious activity. It is par for the course, although it should not be allowed to continue.

Today, Blur represents over 77% of weekly NFT trading volume. A remarkable trend, even if it equates to 52.7% of all trades. In addition, OpenSea still has more weekly traders than Blur, confirming that there is room for future growth. A contributing factor to both marketplaces’ success is having Bored Ape Yacht Club, Mutant Ape Yacht Club and Otherdeed for Otherside liquidity. CryptoPunks have yet to make it to Blur, as does Art Blocks Curated.

A new small competitor appears

Most people realize that Ethereum has various other NFT marketplaces. While Blur has upset the balance of power with OpenSea, everything else is up for grabs. Blur’s growth has reduced OpenSea’s position – although the latter marketplace has fallen spectacularly since May 2022, other platforms have not seen much growth. An exception, however, is Alpha Sharks, which notes a decent industry momentum.

The weekly number of trades confirms that Alpha Sharks is today’s third largest NFT marketplace. It is inches ahead of Gem, X2Y2, Bitkeep and others. However, the project has less than $14.3 million in total volume. It provides twice the NFT trading of Uniswap and over three times the volume of Rarible. Still, it will be difficult to overtake Zora, Element, Reservoir, Sudoswap, Foundation and Genie.

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