A recent entrant into the NFT marketplace arena, Blur, has in Q1 2023 made a strong stride by outpacing the NFT industry leader Opensea in trade volume, dominance, and royalties payout specifically for March. As the NFT market keeps evolving, new players are proving their market strength and many dynamics are being introduced.
According to a Q1 report, Blur, an NFT marketplace for pro traders showed a significant increase in trading volume recording a TV of $2.7 billion, which is 783.89% compared to Q4 2022. In March, notwithstanding a decrease in trading volume by 6.56% to $1.2 billion, Blur still topped the market by 70.5%. Additionally, Blur had a market dominance of 57.44%.
Meanwhile, OpenSea, facing stiff competition from Blur, recorded a Q1 increase of 68.41% with a trading volume of $1.4 billion and a market dominance of 31.10%. Particularly in March, OpenSea had a decrease in trading volume by 35% to $381 million, and a decrease in market dominance falling to 22%. The OpenSea Q1 score is the smallest market share since February 2021.
Blur’s March royalty payments to creators reached $12.6M from February’s $11.2M, compared to OpenSea’s royalties which declined from $17.3M to $9.9M. Further, CryptoPunks’ trading activity on Blur Marketplace also increased massively. Data shows that 87% of the total trading volume for Crypto Punks took place on Blur, giving about $216 million. CryptoPunk native NFT marketplace has an average trade size of $114,453.69 lower than on Blur by 7.34%.
One of the reasons for Blur’s rise to dominance can be credited to the future airdrop promise of its BLUR token which has drawn the attention of traders to the platform. The drop would be about 300 million BLUR and the token has a fully diluted market cap of $2.5 billion. Moreso, the increased royalty payouts could be another bait for Blur’s rise.
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