Blur fares well against Opensea even as its token bleeds

• Blur’s weekly average trade price has remained higher than Opensea’s since its launch.
• The token was down by over 31% last month, and metrics were bearish.

Since its launch, Blur [BLUR] has gained immense popularity in the NFT space, even outperforming market leader Opensea on a few fronts. While the marketplace’s performance remained relatively good, its native token had little to write home about. 

Read Blur’s [BLUR] Price Prediction 2023-24

Blur ahead of Opensea

A check of both the NFT marketplaces’ metrics revealed that Blur managed to outperform Opensea on multiple fronts. Notably, Blur witnessed a surge in its weekly volume as it surpassed Opensea by a huge margin in February 2023.

However, Opensea’s daily volume remained higher over the last month. 

Source: Dune

A similar trend was also noted on the chart, highlighting both marketplaces’ weekly average transaction prices, where Blur outshined Opensea. But things changed over the last month, as Opensea’s graph remained tightly wound to Blur.

Source: Dune

Blur’s growth potential is high

Though the marketplace’s performance has been remarkable, its stats registered a decline over the last few months alongside its native token’s price. However, an NFT researcher at Delphi Digital mentioned a few potential new business lines that Blur could explore, which could benefit both the marketplace and the token.

With $BLUR‘s token down approximately 96% from its all-time high (ATH), one might wonder if there is still hope. However, let’s take a quick look at some potential new business lines that Blur could explore and analyze what BLUR holders are currently doing on-chain. A 🧵

/15 pic.twitter.com/s3ClgBNh8u

— yh.ΞTH🦇🔊 | Delphi Digital (@yh_0x) August 25, 2023

As per the tweet, Blur could look into NFT derivatives. NFT perps could offer NFT traders flexibility and hedging like the token markets. Another possible direction was the NFT Trading Bot.

Blur‘s bot could direct users to its marketplace aggregator, reducing entry barriers and encouraging more frequent trading, boosting overall trading volume.

The tweet also mentioned that Blur’s market leadership positions it as an appealing launchpad for NFT projects. The marketplace can set itself apart from competitors by generating revenue from creator fees or mints. 

The native token is bleeding

Not only did the marketplace’s metrics register a downtick, but BLUR’s performance on the price front was also concerning. The token was down approximately 96% from its all-time high (ATH).

Over the last month, the token was down by more than 31%, and at press time, it was trading at $0.2041 with a market cap of $178 million. A look at the token’s current metrics gave a bearish notion. 

How much are 1,10,100 BLURs worth today?

For example, its trading volume declined, meaning that investors are not willing to trade the token. The token’s exchange inflow spiked, which indicated that it was under selling pressure.

On top of that, BLUR will also unlock more than 2 million tokens in February next year, which could further lead to a price depreciation. Interestingly, the top 100 wallets did not trade the token in the last month, reflecting whales’ trust in BLUR. 

Source: Santiment