What is Blur Marketplace? NFT Sales Seem to Return to The Peak
In 2021, NFTs became a global phenomenon, and OpenSea quickly established itself as the leading NFT marketplace. However, a new contender, Blur.io, has recently emerged and is challenging OpenSea's historical dominance. Blur has surpassed OpenSea in several key metrics, including daily and weekly trading volume, causing excitement during a prolonged bear market for crypto and NFTs
Blur has steadily gained momentum since its launch last year, but its presence has exploded over the last 30 days, during which the platform has done $1.24 billion in trading volume according to Dune Analytics. In contrast, OpenSea's volume during the same period was nearly $383 million. Since the launch of Blur's token on February 14, the platform has outpaced OpenSea in trading volume every day.
One reason for Blur's popularity is its promise to reward users with future airdrops of the $BLUR token, which is worth around $300 million. The platform also uses loyalty points to keep users engaged. Users who list their NFTs explicitly on Blur will receive a 100% loyalty score, which can translate to more rewards in the future.
OpenSea has faced criticism from collectors due to its constantly changing stance on creator royalties. OpenSea paid out the most royalties to creators as of October 2021, but a controversial announcement from the company in November sparked backlash from the community. OpenSea also struggled with high traffic and a centralized approach to everything.
Blur has become attractive to traders who want a marketplace that can meet their needs without the controversy surrounding OpenSea. Blur's innovative approach to incentivizing people to pay full royalties on their NFT purchases through token rewards has also helped the platform gain traction. However, this model raises concerns about the sustainability of this approach.
In conclusion, Blur.io has emerged as a strong contender to OpenSea's dominance in the NFT marketplace. Blur's innovative approach, coupled with OpenSea's controversies, has caused many collectors to switch to the new platform. While the sustainability of Blur's approach remains to be seen, its success has shown that there is room for competition in the NFT marketplace.