Blur is the latest newcomer Non-Fungible Token marketplace, quickly becoming one of the top platforms to trade NFTs.
A week after the NFT Marketplace rejected the fees collected on trades, Blur, its upstart rival, has not missed a beat. According to the news source, the four -month-old NFT Marketplace has seized 82% of the trading volume on the Ethereum Blockchain compared to the previous week.
The below data shows how Blur is ruling on the NFT marketplace after an airdrop.
As reported, Blur cranked into overdrive after the project, which airdroped 12% of its blur tokens on the NFT marketplace on February 14. Blur accounts for more than 70% of the daily NFT trading volume at Ethereum every day, as since the airdrop, Opensea has been motivated to cut fees.
What attracts more investors to Blur is that it has no marketplace fees and optional creator royalty fees. This step will allow users to make more money as the platform is not charging any marketplace fees.
Reportedly, Blur also has its own Token. This is correct; it finally launched its much-awaited token, $BLUR, and airdropped tokens of $400M priced for early users of its marketplace.
According to the official website of Blur, 360,000,000 BLUR tokens were distributed to the community in the 1st season, and season 2 has now started.
On February 23, 2023, the marketplace announced on Twitter that “300M+ BLUR will be distributed to the community in Season 2.” Blur also mentioned that the method of maximizing the airdrop is through “loyalty,” which can be proved if users list their NFTs, especially on the Blur for sale.
Blur also revealed 3 ways to maximize loyalty in a long Twitter thread.
Meanwhile, Blur commented, “The majority of BLUR will be distributed to community members who contribute to the protocol’s success, and loyalty is one of the best ways to do that no matter how much listing and bidding you do!”
Kofi, a contributor to Defilama, mentioned on Twitter, “The marketplaces are killing their profits, long-term relationships with creators and future growth prospects to compete for ~500 pro traders.” Kofi also claimed that Blur gained 53% of the volume from 500 wallets.
Blur performance was better than comparison to OpenSea in terms of volume since December last year, but in the past few days, the NFT platform boosted its lead in comparable volumes and left behind OpenSea in user count for the first time. Probably user numbers on Blur are more significant than lead volume, as it could be that pro traders on Blur were engaged in wash trading to boost their allocation of token airdrops, resulting in fake volumes.
As per the reports, Blur has overtaken OpenSea and gained a user market share of 45% compared to OpenSea’s 43% and a trading volume market share of 85% compared to OpenSea’s 10%.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/02/26/blur-overtook-opensea-and-gained-82-of-nft-trading-volume/