Blur Dominates 80% of NFT Trading Volume in the Market
Blur is currently dominating 80% of NFT trading volume, as the sector begins to show signs of resurgence after a prolonged lull.
NFT Market Volume Analysis: Blur's Dominance
The NFT market started signaling a "revival" last month, with a significant portion of trading volume funneled into Blur.
According to data from The Block, the NFT trading volume on the Ethereum network reached $605 million in November, nearly double the previous month's figure.
In the first four days of December, NFT trading volume approached $90 million, with Blur accounting for nearly $70 million of this total.
Top NFT Trading Volume Platforms on Ethereum. Source: The Block
Since February this year, the NFT market landscape has drastically shifted. Blur is gradually "overthrowing" OpenSea, commanding a dominant 80% market share of Ethereum NFTs, while OpenSea holds just 17% of this segment.
Ethereum NFT Market Share for Leading Platforms. Source: The Block
At the same time, NFT activity on the Solana network has shown significant progress, with daily trading volumes steadily increasing throughout November. The total trading volume on Solana's NFT platforms has surpassed $9.3 million, the highest since April this year. Among these, Tensor is the most popular platform, with over $5 million in daily transactions.
Top NFT Trading Volume Platforms on Solana. Source: The Block
Launched in October 2022, Blur targets professional NFT traders and appears to be succeeding with this strategy.
The platform’s token, BLUR, has experienced remarkable growth over the past month, fueled by the announcement of its second airdrop and bolstered by its listing on Binance on November 24th, alongside the Blast craze—a layer-2 project co-founded by Pacman and backed by Paradigm with Blur.
BLUR/USDT 4H Chart on Binance at 09:05 AM on 05/12/2023
In stark contrast to Blur's exceptional achievements, OpenSea has faced a challenging period. Losing market share to competitors, the NFT marketplace has cut its workforce by 50% and reportedly saw its company valuation plummet by up to 90%, from $13.3 billion to just $1.3 billion. Recently, the platform has also been accused of "dirty shilling" for a now-defunct NFT project that has been inactive for four months.
