Blur NFT Volume Beats OpenSea Again, With 30% of the Traders

An airdrop scheme and impending token launch are likely fueling NFT activity on Blur, putting OpenSea in second place once more

article-image

Shutterstock.com/ilikeyellow, modified by Blockworks

share

Upstart NFT marketplace Blur continues to outstrip incumbent OpenSea as anticipation grows for its token launch next week.

The Ethereum-based protocol, geared towards seasoned traders, was only launched in October but it already boasts a 46% slice of the total weekly market share against OpenSea’s 36%.

Blur has topped daily trade volume across the NFT sector every day throughout February so far, averaging roughly $14.3 million compared to OpenSea’s $11.3 million, per a Dune Analytics dashboard.

Blur’s trade volumes also eclipsed OpenSea throughout early January and for most of December.

OpenSea, launched in December 2017, has historically dominated the NFT segment. Blur still lags behind OpenSea based on number of trades, rather than by monetary value of trade volumes.

Data indicates that Blur boasts a smaller group of highly dedicated traders processing large amounts; the same dashboard shows 33,540 Blur traders over the past week compared to OpenSea’s 116,278.

Trade volumes on both OpenSea and Blur have grown, but Blur’s has grown faster (source Dune user @hildobby)

Unlike OpenSea, which is a straightforward NFT marketplace, Blur also acts as a marketplace aggregator, allowing its users to trade NFTs on a variety of platforms via a single portal, including its own.

Blockworks previously reported that Blur’s boom is likely inspired by the upcoming launch of BLUR, set for Feb. 14, alongside its third and final airdrop for points which can eventually be redeemed for the token.

BLUR will serve as the platform’s native cryptocurrency. The specific functions of the token remain largely unknown though indications suggest it will play a role in governance.

Blur airdrops to be swapped for crypto

Blur is powered by a team of engineers from the likes of Square, MIT, Brex, Five Rings and YCombinator. It raised $11 million in early-stage funding last March.

The team has been busy preparing its token launch, with its supply to be initially distributed through airdrops marketed as “care packages” for users who’ve actively traded NFTs.

In order to claim the drops, traders were incentivized to list NFTs for sale on Blur.

Loading Tweet..
The value of Blur’s bidding pools is approaching the total value locked of buzzy blockchain Aptos

A similar approach was implemented for the second airdrop. Blur’s final airdrop, which has run from early December, is pegged to distribute more than twice the number of care packages.

Users are instead earning reward points based on their NFT bidding activities.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png

Research

Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.

/

article-image

Equities were mixed toward the end of Monday’s session while cryptocurrencies continued their rally

article-image

Though the opposing flow trend is likely to slow over time, industry watchers note, bitcoin fund assets could one day eclipse the $90 billion gold ETF space

article-image

Celestia had the first mover advantage. EigenDA has staked ether. What sets Avail apart?

article-image

Bitcoin moved 1% higher Monday morning in New York, Matrixport analysts say $62,000 could happen next month

article-image

It’s hard to believe right now that crypto — even with all of its flexibility and massive capabilities — could ever be like cash on the internet

article-image

Michael Saylor announced Monday morning that MicroStrategy bought 3k more bitcoin after the X account was compromised over the weekend