Dominance in NFT market: a closer look at Blur and OpenSea rivalry
Blur is a platform that recently initiated NFT trading services, for digital art and other collectibles. It has emerged as a rival to OpenSea, which is a well-established marketplace for NFTs.
KEY TAKEAWAYS
- Blur is emerging as another popular NFT trading platform by taking over OpenSea
- Despite the emergence, there are certain aspects that show that blur still has a long way to go.
The rapid growth of Blur can be seen from its Total Value Locked (TVL). Indicating that more and more people are interested in using blur to trade their NFTs. According to the Crypto market analyzing company Delphi Digital, Blur’s TVL is currently at an all-time high. This is a sign that Blur could become a threat to the Lng live dominance of OpenSea in the NFT market, after gaining popularity.
But that didn’t defeat OpenSea at the daily active users count on the network. OpenSea still has a higher number of Daily active users.
What could be the reason?
There could be reasons why after everything Blus still lags in some aspects of the OpenSea platform. According to some data, a significant amount of trading that occurs on the Blur network is wash trading. This means that some users may be trying to artificially inflate the trading volume to make the Blur marketplace look more popular.
However, Blur still managed to capture a good share of the overall NFT trades in the market. As it came in a close second to the Open sea in NFT trading. Both trading platforms have seen a surge, partly due to the popularity of highly sought-after NFTs like Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC).
The surge in the usage of the platform
NFTGO is a platform that keeps track of the data on Digital art collections. Data from NFTGO suggests that the average price of the MAYC collection has increased by 10.37% in the last 3 months. Additionally, the trading volume also went up by 222.79% in the last 24 hrs.
However, it’s not all positive. The Ape toke, which is native to NFTGO has seen a significant price drop. Not only that it witnessed a drop in its network growth in the past month.
This is a negative indicator for APE tokens. Users are not interested in holding or buying the token. But still, there is an increase in the daily active addresses for transferring APE, pointing to a potentially bleak future for the token. As per the data from Santiment.
