Gauging Blur NFT marketplace’s appeal as it challenges OpenSea’s dominance
- The Blur NFT marketplace has been capitalizing on OpenSea’s failures.
- However, the BLUR token has not been faring as well.
The Blur NFT marketplace has been around for less than a year but it has already secured a substantial share of the NFT market. But what does the future hold for this budding platform and will it manage to beat the competition?
Is your portfolio green? Check out the BLUR Profit Calculator
A bit of background data would be ideal before we look into whether Blur [BLUR] NFT marketplace has what it takes to be king of the NFT segment. Blur is based on the Ethereum [ETH] blockchain and has been operational since October 2022. It is one of the fastest-rising marketplaces in the NFT segment and that is not surprising.
Why is the Blur NFT marketplace so appealing to NFT traders?
The fact that Blur operates on the Ethereum blockchain means it has access to a lot of liquidity. However, this is not the main reason for its rapid growth. The main reason is perhaps the fact that the Blur NFT marketplace does not charge any trading fees. In addition, NFT sellers on the marketplace can earn royalties.
How does Blur stack up against the OpenSea NFT marketplace? The Blur NFT marketplace has been performing surprisingly well and this is partly because it has been capitalizing on OpenSea’s blunders. The latter includes halting creator royalties, a move that encouraged traffic to shift from OpenSea to Blur.
To put Blur’s win over OpenSea into perspective, the former dominated 65% NFT market share in May 2023 according to NFT Evening. Sales soared to $442 million during the month. But how about we let the latest data speak for itself?
According to DappRadar, Blur was the leading NFT marketplace by volume at press time. Its volume, in the last four weeks, amounted to $495.54 million. In comparison, OpenSea had the second highest volume during the same period at $156.5 million. In other words, Blur more than doubled OpenSea’s volume.
Although the Blur NFT marketplace led the race in terms of NFT volume in the last four weeks, OpenSea had a wide lead in the number of traders. The platform had 41,651 traders during the aforementioned period while OpenSea was miles ahead with over 311,000 traders. But why is this the case?
Well, it turns out that most of Blur’s volume was driven by whales that have been taking advantage of free money opportunities. This is because the Blur NFT marketplace offers incentives for traders to use its platform, and in doing so they become eligible for rewards in the form of airdrops.
BLUR token price analysis
The promise of airdrops has certainly helped to boost Blur’s volume but how has the platform’s growth affected its native token? The BLUR token may also be a contributing factor to the platform’s growth.
Remember those airdrops we mentioned earlier? 50% of the tokens in circulation are issued as airdrops to the platform users. However, they need points to receive the airdrop and the more points, the more BLUR they receive.
Despite the appealing incentives, BLUR has been on a downward trend for the last few months. It peaked at $1.40 at its highest price point, which was in February this year. Its lowest price point was $0.28 in June but it has recovered slightly to its $0.34 price level.
Perhaps one of the reasons for this decline is because the distribution in the form of airdrops has been increasing the circulating supply. But will the Blur NFT marketplace’s growth support long-term growth? Well, as noted earlier, the zero-fee policy has undoubtedly contributed to the platform’s growth.
Read about BLUR’s price predictionf for 2023/2024
We attempted to seek answers from ChatGPT to try and find out what it can tell us about BLUR’s future prospects. However, it said something about not being able to provide specific information about future developments or prospects.
The AI platform did, however, offer advice such as observing broader NFT market trends. Alongside this, it asked us to observe developments, news and announcements that may offer some insights into BLUR’s potential future.