- Blur has begun to dominate the NFT marketplace sector. Incentives and airdrops played a big role.
- Yuga Labs NFT cohort continues to dominate the sector.Â
Interest in the NFT space has seen its fair share of ups and downs over the last year. With multiple marketplaces trying to get a piece of the pie, Blur has shown immense progress.
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It’s all a Blur
As Blur popularized campaign airdrops, it experienced growth and achieved higher user acquisition. Messari’s data indicated that Blur’s airdrop successfully retained a substantial number of whale traders on its platform.
Source: Messari
The incentive token model of Blur operates by integrating Blur airdrops and token emissions with its “rewards season,” wherein users actively earn points corresponding to their trading volume within the Blur marketplace. At the conclusion of the season, users are granted BLUR tokens in proportion to their accumulated reward points.
Within a month of its launch, Blur swiftly emerged as a prominent Ethereum NFT marketplace, surpassing competitors such as LooksRare and the_x2y2. The attention garnered by Blur’s pro trader features and airdrops played a pivotal role in its rapid ascent and contributed to the decline in user engagement observed by its rivals.
Source: Messari
In the future, Blur intends to maintain its airdrop initiatives and incentivize the platform to drive user participation. The ongoing airdrop program aims to attract new users; however, evaluating its effectiveness requires assessing its long-term sustainability and its influence on user retention and engagement.
At press time, Blur had captured 77.5% of all volume in the NFT marketplace sector, with OpenSea coming in second with 14.3% according to Dune Analytics data. However, in terms of trades, OpenSea continued to remain the top contender with a marketshare of 48.6%.
Source: Dune Analytics
Realistic or not, here’s APE’s market cap in BTC’s terms
Yuga Labs continues to dominate
Overall, the NFT volumes witnessed a decline in the past few days. A large majority of the NFT volume was dominated by the BAYC collection, which has also seen an uptick in price. Other NFT collections such as MAYC and Azuki haven’t been able to see any sustained growth according to data provided by Dapp Radar.
Source: Dapp Radar
Despite the dominance of the Yuga Labs NFT collection which includes both BAYC and MAYC, its native token hasn’t seen much growth. Over the last month, APE has fallen by -27.23% according to Messari’s data.
