Blur supersedes OpenSea with Ethereum NFT trading hike

Blur seemingly has been able to supersede OpenSea, with the Ethereum NFT trading actually managing to reach sky-high. It just happens that more than $500 million worth of trading was carried out and accomplished. 

As per the data received from DappRadar, out of this, the contribution on the part of Blur happens to be $460 million worth of Ethereum NFT trades in just a time span of a week. Which in turn means a straight 361% jump compared to the previous span. 

However, this happens to be way above OpenSea, which witnessed a trading volume amounting to $107 million, spelling out a 12% jump during the same period. The third position happens to be X2Y2 which managed a mere $11 million in trading volume during the same span of time. This can be attributed to Blur’s reward model. However, whether Blur can outperform OpenSea still remains to be seen in the long run.

According to the predictions made by CryptoSlam, there is a general expectation of a jump of 155% with each passing week, where the Ethereum NFT trading volume is concerned. In the case of Blur, the entity happened to have airdropped its Blur governance token to NFT traders, in turn giving them the opportunity of earning rewards from the marketplace, along with trading in other places. 

Presently, the Blur token happens to have a market cap of $466 million, considering the price to be $1.20 per token. It is also understood that some of the NFT collectors used their airdropped funds for the buying of NFTs.

This is being carried out with the usage of Blur in terms of buying and selling NFTs. It also happens to be accepted that whale traders possessing substantial NFT holdings are flipping NFTs at a faster rate than previously in order to heighten token reward distributions in the future.

On the other hand, OpenSea, which has held the position of being the market leader in terms of trading volume, has been bypassed by Blur. Therefore, in this regard, OpenSea made the announcement of lessening its 2.5% marketplace fee, along with cutting down on creator royalty enforcement protections. In other words, in order to remain at par with Blur, OpenSea happens to be going the zero-fee way.

This is being done at the cost of cutting down on its own means of revenue, along with the fees which help in the financing of almost all NFT projects. However, where serving more unique wallets is concerned, OpenSea still happens to be one up on Blur with it doing 106,000, compared to Blur’s 66,000. It is in the number of transactions and trading volume that Blur stays ahead. 

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

Related Articles

Back to top button