Blur Surpasses OpenSea, But How Long?
Key Takeaways
- Blur, an NFT marketplace, has gained prominence due to its meteoric rise over the past six months.
- Blur announced a second airdrop season with 100% listing and bidding points until April 1, 2023.
28-02-2023
By: Anirudh Trivedi
Due to its stratospheric growth over the past six months, the NFT marketplace Blur has grown in popularity, but will it withstand market competition?
OpenSea has been the main marketplace for both artists and traders since the NFT boom of 2021. But now that Blur (BLUR) has entered the market, the firm's monopoly is under threat. As a result, despite the lengthy bear market's gloomy circumstances, it has sparked excitement in the NFT sector.
Increasing Popularity of Blur
Due to its recent stratospheric spike in popularity following an airdrop on February 14, 2023, the NFT marketplace Blur has drawn a lot of attention. This is because its trading volumes have significantly increased over the previous few days. The total trading volume for the month of February has already topped $450 million, signifying a 150% increase from November 2022, according to Blur's financial statement received by market data.
The marketplace has also produced more royalties for creators than any other NFT platform since February 3 – before the launch of Blur's native token, BLUR. Also, it has apparently been three months since net royalty revenue has been at its greatest level.
The creators of NFT collections are actually currently earning more from royalties than they were at the end of 2022. It should also be noticed that Blur started paying more to content authors barely twenty days before OpenSea modified its price structure.
Will Blur Be Able to Compete?
All of these, however, occur against the backdrop of a prosperous airdrop campaign run by the Blur team, with a value of about $1,500. Due to the emergence of new platforms with comparable royalty systems, people have started to opine on the platform's long-term viability.
Hedera (HBAR) proponents assert that their technology has a superior NFT royalty structure that allows authors to implement and hard-code royalties into their NFTs at the time of minting. In a brief video last month, Gregory Schneider, Deputy General Council of Hedera, announced the launch of the new NFT function. NFT artists will be able to earn their royalties directly at the protocol level thanks to this new capability. At the time of writing, HBAR has a market valuation of almost $2 billion and a price of $0.073.
However, Blur has revealed that a second season of the airdrop will take place, at which time both listing points and bidding points will be increased by 100% until April 1st, 2023. The team claims that Blur's Bidding Pools have surpassed their previous record, reaching $143.51 million in TVL, which will be distributed during Blur's season 2 airdrop. In the present situation, the price of BLUR is now trading at $0.84, reflecting a decline of 3.56% over the last 24 hours as opposed to a decline of 30.67% during the previous week.
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