Everyone in the cryptoeconomy talks about an “NFT market war.” You know, they’re not completely out of the way. OpenSea and Blur had already been in constant competition for a few months. But the situation got worse when Blur did an airdrop in the middle of February. For the first time ever, a non-fungible token (NFT) marketplace is not only competing with OpenSea but has also taken over as the market leader.
Messari Report on Blur’s Game-Changing Airdrop
Messari, a platform that analyzes blockchain data, recently shared a new report. The report discusses Blur as a significant player in the NFT market on Ethereum. Blur is responsible for about 60% of all NFT transactions on Ethereum. This boost is largely due to an event where Blur gave away free tokens (airdrop) in February 2023. This event and ongoing activities have made Blur’s NFT marketplace very popular.
The NFT Market War: Blur’s Rise to Dominance
Blur launched in October 2022, and it quickly got even more attention than the leading OpeaSea, a much bigger and famous platform. Blur became even more well-known after the airdrop on February 14. Before the airdrop, Blur was doing 48% of the trading on the NFT market. After the airdrop, Blur’s share went up to 78%. OpenSea’s share fell by 21% after this remarkable rise of Blur.
As of today, Data from Dune Analytics shows that Blur has more daily NFT transactions than OpenSea. Despite the overall decline and fall of the NFT market, people are no longer interested in NFTS. But Blur has maintained its pace among other famous platforms.
An Overall Decline in the NFT Market
Over the course of the past year, there has been a great decline in the amount of interest shown in NFTs. The interest rate reached its highest point around February. Afterwards, The market capitalization of NFTs and sales volume has been decreasing.
The overall market value of all collections has reportedly declined by 46% over the course of the last seven months, as reported by NFTGo. In addition, the daily total volume of NFT sales across all collections has dropped by 98% within the same time period as previously mentioned statistics. In comparison, the recorded sales volume on the 26th of February was $420.48 million but less than $5 million as of the 19th of August.
As interest decreased, even well-known NFTs lost value. For example, a Bored Ape Yacht Club NFT, which is a popular collection, used to start at 24 ETH. The last time it was this low was three months after the collection started in August 2021. This collection’s value has decreased by 64% just this year.
Another popular collection, CryptoPunks, also lost value because people aren’t buying as much. Right now, a CryptoPunk NFT starts at a price of 46.79 ETH, the lowest since June 2022.
Is Blur the Future of the NFT Market?
Even though the NFT market is in the early stages, it is hard to predict anything about the future of NFTs. But Blur has great development potential. BLUR’s NFT features and user-friendly interface position it to lead NFTs. BLUR tokens are available on Bybit, Mexc, and other exchanges. This makes Blur a comparatively suitable platform for artists, collectors, and investors hoping to profit from the NFT market. Anyone interested in NFTs and the digital economy should watch this platform for its rapid and efficient transactions, user-friendly interface, and built-in NFT capabilities.
