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Blur seems to have relinquished its position as the leading NFT marketplace globally.
OpenSea Pro has been rebranded and launched to attract active traders from Blur. Since its introduction last October, Blur has been gradually encroaching on OpenSea’s market share. The countermeasure has shown some effectiveness, as data indicates that the newly enhanced NFT aggregator has outpaced Blur in terms of daily transaction volume.
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- Analysis from Delphi Digital reveals that OpenSea Pro has exceeded transaction numbers since its rebranding. This essentially indicates that NFT traders are executing more transactions on OpenSea Pro compared to Blur, even though both platforms provide 0% fees and comparable features.
- The introduction of OpenSea Pro, an aggregator designed for active traders, was a strategic move as it featured zero fees during a promotional phase and advanced order types amid intense competition from its rival.
- Consequently, one of the primary reasons for OpenSea’s favorable reception may stem from pro traders aiming to capitalize on the new NFT rewards in light of anticipated higher opportunity costs.
- A potential airdrop might also be a contributing factor driving this trend by attracting new users.
- In contrast, Blur’s bidding and listing incentives have become somewhat saturated. Delphi Digital noted that earning points has become challenging, despite the 2x multiplier incentives that are available until May 1.
“As Blur’s incentives diminish over time, we may continue to observe increased transaction activity on OpenSea Pro.”
- A significant portion of NFT trading volume came from Blur in Q1 2023. Within a span of six months, the platform succeeded in displacing the previous market leader, OpenSea.
- However, there seems to be a swift transformation in the NFT market landscape, attributed to the launch of OpenSea Pro. Blur’s market share has decreased from 49.3% to 27.9% this month.
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