Blur NFT Marketplace Expands Once More

Blur NFT Marketplace

Blur, a new NFT marketplace, has surpassed Opensea, an established rival and NFT giant, in global market share. Blur has taken 46% of the weekly market share compared to OpenSea’s 36%, even though it only launched in October.

Blur has had the highest daily trade volume in the NFT sector thus far in February, averaging approximately $14.3 million, compared to OpenSea’s $11.3 million. Since the beginning of December, Blur has consistently outperformed OpenSea in terms of trade volumes.

OpenSea maintains its lead in terms of the total number of trades executed. In comparison to OpenSea’s 116,278 traders, Blur has 33,540 dedicated traders who process significant amounts, according to the data.

How Blur surpassed Opensea in just three months

Despite only being launched in October, Blur’s market share is greater than Opensea’s daily trade volume. Since its launch in 2017, Opensea has dominated the NFT marketplace; therefore, should the legacy marketplace be concerned?

Because it is more than just a marketplace, Blur has a slight advantage over Opensea. Additionally, Blur is an aggregator that provides users with the ability to trade NFTs on a variety of platforms through a single portal, including its own.

Because you can only trade locally within the platform with Opensea, every trade is entirely unique to Opensea. As a result, even though it has a smaller share of the market overall, the fact that Blur has surpassed it is somewhat misleading.

Having said that, since Opensea does not take part in any trades made on Blur’s aggregated platforms, it is certain to be losing money.

The surge may be caused by the upcoming token launch Blur

Blur has postponed the BLUR token’s launch until February 14, as previously reported. The third airdrop is still going on, but the token’s upcoming utility launch could be the cause of this latest increase in market share.

The token’s specific functions have not yet been revealed, but there are indications that it will play a role in governance. Given that free tokens are available, it is evident that NFT traders want some.

Care Packages are the name of the airdrops, and the first two have been extremely successful. Airdrop 1 was given to anyone trading on the Blur marketplace, and Airdrop 2 gave participants x10 more tokens than the first.

Traders can earn reward points based on their NFT bidding activities as the third airdrop continues. Additionally, there is evidently increased interest with only a week remaining until the launch itself.

What is Blur Marketplace?

The platform known as Blur is both a marketplace and an aggregator for NFTs. Some of the platform’s standout features include portfolio management with advanced analytics.

It raised $11 million in funding in March and is powered by engineers from Square, MIT, Brex, Five Rings, and YCombinator.

They have been preparing for the BLUR native token’s launch, which took place in October 2022. Since then, it has rapidly increased its market share.