Blur solidifies reign in NFT space with 60% trading volume market share
- OpenSea stays on the sidelines as Blur dominates NFTs buying and selling quantity on Ethereum.
- Though the final drop in curiosity has affected exercise on Blur, its every day gross sales quantity places it forward of OpenSea
Throughout Ethereum-native NFTs marketplaces, Blur stays dominant because the NFT market and aggregator, accounting for practically 60% of all buying and selling quantity on the chain, Messari present in a brand new report.
Blur stays the dominant Ethereum NFT market, with ~60% of whole quantity. pic.twitter.com/FpV7yDG1YN
— Messari (@MessariCrypto) August 21, 2023
Blur has gained important traction since its launch in October 2022, overtaking trade chief OpenSea. Its reputation skyrocketed after its token airdrop occasion on 14 February.
Previous to the airdrop, Blur held 48% of the NFT switch quantity out there. Nevertheless, its share jumped to 78% a number of days after the airdrop. This precipitated OpenSea’s NFT switch quantity to drop by 21%.
Supply: Glassnode
Whereas NFT buying and selling quantity throughout Blur has declined since then as a result of drop within the common market curiosity in NFTs, knowledge from Dune Analytics revealed that the every day quantity of NFT transactions accomplished on Blur nonetheless exceeds OpenSea.
Supply: Dune Analytics
Collectors have continued to draw back from NFTs
The yr to this point has been marked by a common decline in curiosity in NFTs as a class of digital belongings. On a year-to-date, curiosity peaked round February, and NFT market capitalization and gross sales quantity have since trended downward.
Based on NFTGo, the sum of the market capitalization of all collections has fallen by 46% up to now seven months. Additionally, the every day whole quantity of NFT gross sales throughout all collections has dropped by 98% throughout the similar interval. For context, this was $420.48 million on 19 February. As of 19 August, the gross sales quantity recorded was lower than $5 million.
Amid the waning curiosity, the values of blue-chip NFTs have additionally been affected. For instance, as of this writing, the ground value of an NFT from the Bored Ape Yacht Membership [BAYC] assortment stood at 24 ETH. The final time the typical value was this low was in August 2021, three months after it launched. This yr alone, the gathering’s flooring value has plummeted by 64%.
Supply: NFT Value Ground
One other main blue-chip NFT assortment affected by the whirlwind of disinterest in digital collectibles is CryptoPunks. At a flooring value of 47.39 ETH, one CryptoPunk NFT at present trades at a value final recorded in June 2022.
Supply: NFT Value Ground
