Blur replaces OpenSea with Ethereum NFT trading hike
Blur has seemingly been able to replace OpenSea, with Ethereum NFT trading actually managing to skyrocket. It just so happens that more than $500 million in trade was executed and achieved.
According to the data received from DappRadar, out of this, the contribution of Blur happens to be $460 million worth of Ethereum NFT trades within a week’s time period. Which again means a straight jump of 361% compared to the previous span.
However, this happens to be far above OpenSea, which witnessed a trading volume of $107 million, showing a 12% jump in the same period. The third position happens to be X2Y2 which only managed $11 million in trade volume during the same time period. This can be attributed to Blur’s reward model. However, if Blur can outperform OpenSea remains to be seen in the long run.
According to the predictions made by CryptoSlam, there is a general expectation of a jump of 155% with each passing week, in terms of Ethereum NFT trading volume. In the case of Blur, the entity happened to drop its Blur management token to NFT traders, which in turn gave them the ability to earn rewards from the marketplace, along with trading elsewhere.
Currently, the Blur token happens to have a market cap of $466 million, considering the price is $1.20 per token. It is also understood that some of the NFT collectors used their airdropped funds to purchase NFTs.
This is done with the use of Blur when it comes to buying and selling NFTs. It also happens to be accepted that whale traders who have significant NFT holdings are flipping NFTs at a faster rate than in the past to increase their token reward distribution in the future.
On the other hand, OpenSea, which has held the position of market leader in terms of trading volume, has been overtaken by Blur. Therefore, in this regard, OpenSea announced to reduce the marketplace fee of 2.5%, along with cutting down on royalty protection for creators. In other words, to stay on par with Blur, OpenSea happens to be going the zero-fee route.
This is done at the expense of cutting down on own revenue funds, along with the fees that contribute to the financing of almost all NFT projects. But when it comes to earning more unique wallets, OpenSea is still one of Blur with 106,000, compared to Blur’s 66,000. It is in the number of transactions and trading volume that Blur is ahead.
