Blur takes Ethereum NFT’s largest share, but that’s not the whole story
- Blur surpassed its overall February market share in just the first seven days of March
- CryptoPunks traders preferred the platform despite Ethereum NFT’s volume decline
The Obscurity The NFT marketplace may have launched in October 2022, but its track record since proves that the platform cares less about longevity. The marketplace also acts as an aggregator, and has once again shown that it does not just rest on the years.
Realistic or not, here it is BLUR’s market value in ETH terms
A “blurred red” vision is not always blurred
According to Dune Analytics, Blur accounts for over 80% of the total Ethereum [ETH] NFT volume. This has been the case throughout the month of March.
At press time, the blockchain search visualization platform revealed that Blur volume was as high as 4119.82. This was well above OpenSea’s figure of 1011.65 ETH, while others including LooksRare and X2Y2 had negligible sales compared to the top two.
Source: Dune Analytics
Blur’s rapid rise to relevance at this point is no accident. A week ago, the marketplace took a significant portion of NFT’s market share, overtaking the Honorable OpenSea.
Here it is worth mentioning that trumps on the market were also decisive for NFT sales on the border reaching a nine-month high in February. But despite the success of digital collectibles, the BLUR token has been a mess. At the time of writing, the token was down 88.50% over the 30 days.
Additionally, Blur’s exceptional track record has not been able to positively impact the broader ETH NFTs sales volume. This conclusion can be made because overall buyers of the collectibles fell by 88.07% in the last seven days.
Source: CryptoSlam
Furthermore, CryptoSlam, the NFT aggregator, showed sales down 16.58% to $145.82 million during the said period. Consequently, this drop has left Ethereum NFTs lagging behind the performance of assets below Arbitration, Solana [SOL]and Polygon [MATIC] blockchains.
How much is 1,10,100 BLURs worth today?
Punks in bull clothes
An evaluation of the market data revealed that Bored Ape Yacht Club [BAYC] led the sales volume position for the past week. However, collection volume continued to decline. So, which blue chip has been instrumental in the Blur volume increase?
Additional information from CryptoSlam revealed that CryptoPunks registered 100% increase in transactions. This increase pushed the volume to a figure of $4.40 million – up by 88.17% over a 7-day period.
Further investigation revealed that the Paradigm-backed marketplace was responsible for most of the transactions.
.@cryptopunksnfts fp reacted positively to the increase in liquidity as wrapped punks began to trade further @blur_io
62.13 -> 66.4e (+6.9%) in 48 hours pic.twitter.com/YQoSHyfC5q
— A-Raving-Ape.eth 🍌⛩️🏴☠️ (@ape3593) March 6, 2023
While it is still not certain that the Blur airdrop and incentives were the reasons for greater participation, some traders have opined that they would still choose the marketplace over OpenSea.
yes, nft trading is much easier now.
assuming opensea has equal opportunities and similar costs to blur, it would be an interesting debate in the future.
— 🅡ay.| Greentrades (@pudgyray) March 7, 2023
