The Glassnode report claims that this platform is rebuilding the NFT economy, but how?
In recent months, the NFT market has slowed, with falling trading volume and reduced investor interest. On the other hand, according to on-chain data provider, Glassnode, a new NFT marketplace called Blur is reviving activity in the sector again.
Blur is a direct competitor to the popular NFT marketplace, OpenSea, which seems to be gaining traction with NFT buyers and sellers. The platform has a user-friendly interface, low fees and a growing community of expert traders, artists and collectors.
Blur revives NFT activity
In accordance Glassnode’s datahas the number of unique buyers and sellers on Blur increased during last months. In addition, the circulating market capitalization of the Blur token has been on the rise, reaching up to $331.51 million, with a 24-hour trading volume of $169.44 million, data from DappRadar shows.
Glassnode also noted that gas consumption from NFT trading on the Ethereum network has increased over the past two months. The average gas cost at the moment is 38 gwei. This figure shows a noticeable increase from about nine months ago, varying between 10 and 20 gwei.
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In 2022, the NFT market showed a slow pace in trading volume. At that time, even high collections declined significantly, resulting in several analyzes pointing out that the marketplace was filled with wash trading and empty promises. The macroeconomic pressures and the bear market forced OpenSea, the largest NFT marketplace, to cut staff capacity in June 2022.
Despite its move to create a zero-fee model, the marketplace has failed to compete with the remarkable growth of Blur. Based on the report, Blur has been committed to raising a community of expert traders – an improvement for OpenSea’s target audience of collectors and creators.
Meanwhile, users on the Blur platform average 4-5 trades per 24 hours, notably higher than the 2 trades per day on the OpenSea network.
Activities Driving Blur’s Progress
The resurgence of NFT activity on Blur can be attributed to several factors. First, the platform implemented a way to reward users. The platform distributed a airdrop given to society as promised. This event attracted exclusive collectors who were willing to pay a premium for rare and valuable NFTs.
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Second, Blur has earned a reputation for being a platform that prioritizes the needs of its users. The team behind Blur has actively engaged with the community, listening to feedback and implementing changes to improve the user experience.
The platform has also been able to differentiate itself from OpenSea by offering a more curated selection of NFTs. While OpenSea has thousands of NFTs listed on its platform, Blur only has a select few, ensuring that buyers get the best of the available options.
Overall, the rise of Blur is a promising sign for the NFT market, which has struggled to maintain momentum in recent months. With more competition in the space, NFT marketplaces will continue to innovate and improve, attracting more buyers and sellers.
Featured image from Pixabay, chart from TradingView.com
