Blur NFT Marketplace Surges in Volume and Market Share, Rivaling Industry Leader Opensea
Published: Thursday, 26th January, 2023 - 20:30
Blur, the non-fungible token (NFT) marketplace, has seen a significant increase in volume since its launch in October. According to statistics from Dune Analytics, Blur has captured about 30% of the market share in terms of sales volume. The NFT marketplace leader, Opensea, commands 48% of the market share.
Blur NFT Marketplace Captures 30% of Market Share in Sales Volume
An NFT marketplace called Blur has seen an increase in market share over the past 30 days. According to statistics from Dune Analytics, Blur holds 30% of the NFT market’s total market share. Crypto market participants believe Blur’s rise is associated with the upcoming launch of its native token, originally scheduled for January 2023 but delayed, according to a statement from the team. The token is now set to be released on Feb. 14, 2023.
“We know this is past our initial estimate of January and we’re sorry for the delay,” the platform tweeted on Thursday. “We’re trying new things and the extra two weeks will allow us to deliver a launch that hasn’t been done before.”
Seven-day metrics from dappradar.com indicate that Blur has recorded $33.06 million in NFT sales. The marketplace is the second-largest in terms of total sales this week, behind Opensea‘s weekly sales of $112.89 million. Twenty-four-hour statistics indicate that Blur’s sales over the last day totaled $5.08 million, compared to Opensea’s $16.24 million. Blur’s rise is similar to that of the Looksrare NFT marketplace, which saw an increase in users when it decided to airdrop 120 million LOOKS tokens, or 12% of the total supply, to the Looksrare community in 2021.
The incentive to acquire airdropped tokens fueled Looksrare’s sales volumes, and during the fourth quarter of 2021, the NFT platform managed to capture significant volumes alongside Opensea. In January 2022, Looksrare surpassed Opensea’s daily volumes for a short period. Since then, Looksrare dropped from the second-leading NFT marketplace in sales down to the fifth position today. In terms of all-time sales, Blur has captured $458.05 million in sales since its inception.
The NFT marketplace Blur is ranked 11th in terms of all-time sales. It is below NFT markets such as Magic Eden’s $2.07 billion, Looksrare’s $1.69 billion, and X2Y2’s $1.07 billion. However, it has surpassed the all-time sales recorded by the NFT markets Wax Atomicmarket ($441.42 million), Immutable X Marketplace ($387.11 million), and Rarible ($301.95 million).
What do you think will be the impact of Blur’s native token launch on the NFT market? Will Blur continue to rise in market share and sales volume, or will it face competition from other players in the industry? Share your thoughts in the comments below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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