Blur is catching up to OpenSea’s NFT trading volume
The competition in the NFT industry has intensified as Blur establishes dominance in the market.
Blur is catching up to OpenSea
As the launch of Blur’s token approaches, the NFT marketplace has been outpacing its established rival, OpenSea. Despite only being established in October, Blur has captured 46% of the weekly market share, compared to OpenSea’s 36%. Blur has been leading the NFT sector in daily trade volume, with an average of $14.3 million compared to OpenSea’s $11.3 million, according to data from Dune Analytics.
A comparison of NFT marketplaces via Nansen data shows that while Blur has seen fast growth in trading volume, it still lags behind OpenSea in terms of sales and wallet interactions.
OpenSea has dominated the NFT market since its launch in December 2017. Last week, it had a trading volume of over 34,000 ETH, worth roughly $56 million. However, Blur has made significant gains in the NFT space with its zero trading fees and floor-sweeping features. The platform has rapidly become the second largest NFT market, with NFT volumes worth $15.2 million or over 25% of OpenSea’s volume.
Blur’s high-volume collections are a draw for NFT traders, but the number of sales and wallets on its platform still lags behind OpenSea. For the week ending February 6, Blur’s number of sales was 20,603, only 9% of OpenSea’s total sales, which sit around 228,000. Additionally, the number of wallets interacting with OpenSea is 11 times greater than those linked to Blur.
Blur to launch its governance token
Since its establishment, Blur has planned the implementation of three airdrops as a means of showing gratitude to its users. The first two airdrops bestowed NFT “care packages” to participants who listed and traded during a bear market, with the expectation that these care packages would eventually be sold for the BLUR token.
The upcoming third and final airdrop, which will take place when Blur launches its BLUR token, will distribute an even greater number of care packages to users. The rewards are based on a point system that is determined by the user’s level of activity on the platform. According to Gherghelas of DappRadar, Blur has set regulations for the point system to prevent inflation and wash trading, such as making the approval of sale bids optional for earning points for the third airdrop.
Blur will launch its BLUR governance token on February 14, after months of airdropping its BLUR tokens to users for various levels of engagement. To celebrate the launch of the token, Blur also plans to give away an array of NFTs through its partners throughout the week.