Will Blur V2 be the undoing to OpenSea’s dominance?
- Blur V2 will have a 50% reduction in gas fees.
- The token reacted with an over 1% increase in value to stem the downtrend.
Blur [BLUR] has officially unveiled its highly anticipated version 2, bringing a wave of improvements to the innovative NFT marketplace. However, taking a moment to reflect on the journey so far, how has the earlier iteration of Blur performed?
How much are 1,10,100 BLURs worth today?
All about Blur V2
Blur has made a significant splash with its recent announcement on 5 July, revealing its platform’s highly anticipated launch of Version 2. The update came with two notable features that have captured the spotlight: a remarkable 50% reduction in gas fees and the introduction of trait bidding.
According to its official statement, users can enjoy substantial savings of up to $16 per NFT purchase on the V2. The reduction is due to the reduced gas fees amidst prevailing market rates.
1/ Blur v2 is live!
Two BIG updates:
– Trades now use 50% less gas
– Trait bidding
Select collections earn trait bidding points as well. Learn more? pic.twitter.com/Rl2Mx2zbZ0
— Blur (@blur_io) July 5, 2023
The new platform would allow users to bid on mids, rares, or any desired trait. This was against the confines of solely bidding on collections, which were obtainable in the earlier iteration. Additionally, selected collections now offer the chance to earn valuable trait bidding points.
How V1 has fared
In the NFT marketplaces, OpenSea had long held the throne as the dominant player before Blur entered the scene. However, Blur’s arrival, with its unique features, presented a formidable challenge to the established giant.
As per Dune Analytics, it had carved out a respectable position regarding sales count and user engagement.
While OpenSea maintained its lead in these areas, Blur steadily gained ground and closed the gap. As of this writing, OpenSea boasted a user count of 2,472, while Blur followed closely behind with 1,255 users.
Similarly, OpenSea recorded a sales count of 4,292, whereas Blur showcased an impressive 3,012 sales.
However, when it came to transaction volume, Blur was in the clear. The observed chart highlighted that Blur had amassed over 7,000 ETH, significantly surpassing OpenSea’s approximately 1,600 ETH.
TVL and price trend
Recent data from DefiLlama provided insights into Blur’s Total Value Locked (TVL) following its token launch. After experiencing a surge, reaching a peak of over $166 million around 27 June, the TVL has displayed a downward trend.
As of this writing, the TVL was over $141 million, encompassing bids and lending activities.
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In addition, analyzing the token’s daily timeframe revealed a positive response to the latest update. After a consecutive period of decline, the token exhibited an upward trajectory, trading at approximately $0.33 with a modest increase of over 1% in value.
However, this recent uptick was insufficient to transition the token into a bullish trend. The Relative Strength Index indicated that it remained below the neutral line.