Gauging Blur NFT marketplace’s appeal as it challenges OpenSea’s dominance

• The Blur NFT market has been capitalizing on OpenSea’s failures.
• Nevertheless, the BLUR token has not been faring as effectively.

The Blur NFT market has been round for lower than a yr nevertheless it has already secured a considerable share of the NFT market. However what does the long run maintain for this budding platform and can it handle to beat the competitors?

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A little bit of background information could be splendid earlier than we glance into whether or not Blur [BLUR] NFT market has what it takes to be king of the NFT section. Blur relies on the Ethereum [ETH] blockchain and has been operational since October 2022. It is among the fastest-rising marketplaces within the NFT section and that isn’t shocking.

Why is the Blur NFT market so interesting to NFT merchants?

The truth that Blur operates on the Ethereum blockchain means it has entry to lots of liquidity. Nevertheless, this isn’t the primary purpose for its fast progress. The primary purpose is probably the truth that the Blur NFT market doesn’t cost any buying and selling charges. As well as, NFT sellers on {the marketplace} can earn royalties.

How does Blur stack up towards the OpenSea NFT market? The Blur NFT market has been performing surprisingly effectively and that is partly as a result of it has been capitalizing on OpenSea’s blunders. The latter consists of halting creator royalties, a transfer that inspired visitors to shift from OpenSea to Blur.

To place Blur’s win over OpenSea into perspective, the previous dominated 65% NFT market share in Might 2023 in response to NFT Evening. Gross sales soared to $442 million throughout the month. However how about we let the most recent information converse for itself?

In response to DappRadar, Blur was the main NFT market by quantity at press time. Its quantity, within the final 4 weeks, amounted to $495.54 million. Compared, OpenSea had the second highest quantity throughout the identical interval at $156.5 million. In different phrases, Blur greater than doubled OpenSea’s quantity.

Supply: DappRadar

Though the Blur NFT market led the race when it comes to NFT quantity within the final 4 weeks, OpenSea had a large lead within the variety of merchants. The platform had 41,651 merchants throughout the aforementioned interval whereas OpenSea was miles forward with over 311,000 merchants. However why is that this the case?

Effectively, it seems that almost all of Blur’s quantity was pushed by whales which were profiting from free cash alternatives. It’s because the Blur NFT market affords incentives for merchants to make use of its platform, and in doing so that they change into eligible for rewards within the type of airdrops.

BLUR token value evaluation

The promise of airdrops has definitely helped to spice up Blur’s quantity however how has the platform’s progress affected its native token? The BLUR token may be a contributing issue to the platform’s progress.

Bear in mind these airdrops we talked about earlier? 50% of the tokens in circulation are issued as airdrops to the platform customers. Nevertheless, they want factors to obtain the airdrop and the extra factors, the extra BLUR they obtain.

Regardless of the interesting incentives, BLUR has been on a downward development for the previous couple of months. It peaked at $1.40 at its highest value level, which was in February this yr. Its lowest value level was $0.28 in June nevertheless it has recovered barely to its $0.34 value stage.

Supply: TradingView

Maybe one of many causes for this decline is as a result of the distribution within the type of airdrops has been rising the circulating provide. However will the Blur NFT market’s progress assist long-term progress? Effectively, as famous earlier, the zero-fee coverage has undoubtedly contributed to the platform’s progress.

Examine BLUR’s value predictionf for 2023/2024

We tried to hunt solutions from ChatGPT to try to discover out what it might probably inform us about BLUR’s future prospects. Nevertheless, it mentioned one thing about not with the ability to present particular details about future developments or prospects.

The AI platform did, nonetheless, provide recommendation equivalent to observing broader NFT market developments. Alongside this, it requested us to look at developments, information and bulletins that will provide some insights into BLUR’s potential future.