As we begin the year, the trading volume for NFT marketplaces Blur and Opensea is increasing, and there is a new marketplace in town. The Blur marketplace is rapidly overtaking Opensea to become the world’s leading NFT marketplace, catering to professional traders on the Ethereum network, and incentivizing them to actively trade NFTs.
The new rewards scheme introduced by Blur is taking off, with the marketplace seeing a trade volume of $502.02M in the last seven days, up 415% from the previous week, as reported by DappRadar. In comparison, Opensea is lagging behind with $322.11M, but they are also up 235% from the previous week.
Blur’s Rewards Scheme
Blur’s success can be attributed to the platform’s rewards and incentives. Traders are encouraged to trade like professionals, buying and flipping NFTs in the same way they might flip DeFi tokens. The marketplace has already conducted three airdrops to its active traders, giving away 360M $BLUR tokens. Consequently, many traders are spending their $BLUR tokens trading NFTs on the platform. In addition, Blur marketplace rewards traders for using bidding pools that enable bulk trading for NFTs. Therefore, with so much incentive to trade, Blur’s clever rewards scheme is sparking a frenzy in NFT trading.
Whale Traders Dominate
A significant portion of the trading activity on Blur is from whale traders. For instance, renowned whale trader MachiBigBrother was involved in nearly 1300 Otherside NFT trades in a seven-day span. Additionally, there are many others like MachiBigBrother, who are trading frequently to earn future token rewards.
Blur is already teasing its ‘Season 2’ token airdrop. Specifically, traders who “bid on top collections closer to the floor get more rewards.” This means that getting bids in early for a popular NFT project will earn rewards on Blur. Blur is encouraging a pro-trading style and high levels of volume and activity.
Opensea Responds to Blur’s Success
Opensea, in response to Blur’s success last week, cut its 2.5% fee on all NFT sales. Opensea also reduced creator royalty protections, which provoked a combative response from Blur. As things stand, the two marketplaces are head and shoulders above the rest of the competition, engaging in a titanic battle for dominance.
In conclusion, the Blur marketplace is rapidly becoming the world’s leading NFT marketplace, with its rewards scheme and incentives for professional traders driving up trading volume. The whale traders have dominated trading activity on the platform, and with Blur teasing the upcoming ‘Season 2’ token airdrop, the pro-trading style and high levels of volume and activity will continue. Opensea has responded to Blur’s success, and the two marketplaces are in a titanic battle for dominance. We can expect to see more news on the battle front in the coming weeks, and we will be keeping an eye on these developments.