Is Blur [BLUR] on its way to becoming the numero uno NFT marketplace?
- Blur recorded exponential gains in trading volume and royalties.
- Blur’s growth led to a change in OpenSea’s marketing guidelines.
With its phenomenal growth in recent months, the NFT marketplace has Blur [BLUR] has become the talk of the town.
According to Blur’s financial statements released by Token Terminal, the total trading volume for the month of February has already reached $415 million, marking a 150% jump from November.
🔶 @blur_io *weekly* accounts
🔗 pic.twitter.com/DrmCVASKsl
— Token Terminal (@tokenterminal) 18 February 2023
In addition, the royalties paid on the marketplace also saw a meteoric rise. At press time, total royalties paid in February rose to $3.24 million, which was a 20% jump over the previous month and a whopping 326% increase from November.
The launch of the BLUR token earlier this week added strength to the performance.
How much is 1,10,100 BLURs worth today?
Blur rises forward
Unlike other players in the ecosystem, Blur does not charge any marketplace fees from its traders. Furthermore, since its launch, it has dropped “Care Packages” containing BLUR tokens, aimed at stimulating trading activity on the platform.
With the launch of BLUR, users were allowed to redeem their care packages for the platform’s native token. According to data from Dune Analytics, a total of 360 million tokens have been airdropped and 93% of them have been claimed, at the time of writing.
Blur’s daily trading volume quadrupled following the launch of BLUR, and its market share remained above 70% for much of last week, comfortably outpacing market leader OpenSea.
Source: Dune Analytics
Native token set to fly high?
Interestingly, much of Blur’s recent growth can be attributed to its position as a leading NFT marketplace aggregator. Data from Dune Analytics showed that Blur had a monopoly in this landscape, accounting for more than 96% of the daily trading volume.
Source: Dune Analytics
Once all the right boxes are ticked, focus shifts to the price of the newly launched BLUR token. At press time, it jumped 21% to be valued at $1.35 per CoinMarketCap. If growth in key market indicators continues to hold, token holders can expect rapid gains in the coming weeks.
Is your portfolio green? Check out the BLUR Profit Calculator
In the face of stiff competition from Blur, OpenSea had to introduce extensive changes in its marketing policy. This included getting rid of the 2.5% service fees on sales and making creator royalties optional, something Blur already offered which arguably worked to their advantage.
