NFT Market Share Battle Ramps Up Between OpenSea and Blu

NFT Market Share Battle Ramps Up Between OpenSea and Blu

As more marketplaces compete for producers and collectors, the non-fungible token (NFT) space has become more competitive in 2023.

Since its inception in December 2017, OpenSea has been the market leader in NFT marketplaces. According to blockchain data analytics company Nansen, it continued to dominate the NFT sector last week, with over 34,000 ETH in trade volume worth $56 million. However, since its launch in October, competitor marketplace Blur has garnered significant traction among JPEG slingers.

Blur, known for its $0 trading fees and marketplace “floor sweeping,” has risen to become the second-largest NFT marketplace by volume in just a few months. Blur’s NFT volumes for the week ending February 6, according to Nansen, totaled over 9,200 ETH worth $15.2 million, accounting for more than 25% of OpenSea’s volume.

NFT Market Share Battle Ramps Up Between OpenSea and Blu Forks Daily

Market Overview

Sewer Pass, Memes by 6529, Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Checks (VV Edition) are the top five NFT projects by volume on OpenSea in the last 30 days.

In comparison, MAYC, Azuki, BoredApeKennelClub, BAYC, and Otherdeed for Otherside are Blur’s top five NFT projects by volume in the last 30 days.

While both OpenSea and Blur have two overlapping NFT projects, BAYC and MAYC, Blur’s top five have a medium market cap of 270,109 ETH, while OpenSea’s top five has a medium market value of 94,400 as of press Tuesday. Blur’s greater medium market cap for its top five NFT collections implies that professional NFT traders prefer Blur over OpenSea.

Blur wins certain high-volume collections, such as apes and derivatives, and dominates with Azukis,” Nansen’s “Simian Psychometric Enhancement Technician” Andrew Thurman told CoinDesk over Telegram. “With new collections and items like the Sewer Passes, OpenSea has expanded its reach.”

Sales and wallets

Despite having more than 25% of OpenSea’s traffic, the number of NFT sales and wallets on Blur’s marketplace is decreasing in contrast to OpenSea, indicating that NFT traders with significant holdings prefer Blur’s no-fee marketplace.

According to Nansen data, the number of sales on Blur for the week of February 6 was 20,603, or around 9% of OpenSea’s total number of sales, which was around 228,000. When the number of wallets participating in the two NFT marketplaces is examined, a similar pattern emerges: the number of wallets interacting with OpenSea is 11 times that of Blur, illustrating how OpenSea outnumbers Blur.

In essence, this tells me that [OpenSea] is still winning with retail trades and volume, while big-budget whales attempting to flip more expensive items will Blur,” Thurman told CoinDesk through Telegram.

Blur announced the introduction of its BLUR governance token on February 14 after months of constantly airdropping BLUR tokens to users at varying levels of participation.

 

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