While the broader cryptocurrency market has registered a strong bull run this year, the non-fungible tokens market has lagged behind majorly. On the other hand, once dominant players like OpenSea have been losing ground to new players like the Blur NFT marketplace.
Blur Takes Over OpenSea
Blur is an innovative non-fungible token (NFT) marketplace and aggregator platform boasting advanced features like real-time price feeds, portfolio management, and multi-marketplace NFT comparisons. Positioned as a platform with faster NFT sweeps and an intuitive interface, Blur aims to set itself apart from other comparable platforms in the NFT space. BLUR is the native token of the Blur NFT marketplace.
Amid the Blur marketplace’s parabolic penetration in the NFT market, the BLUR token has also witnessed strong 100% gains over the last month. Analysts have already been expecting a price rally to $1 amid strong whale and buyer accumulation.
Here’s a recent glimpse into how the Blur NFT marketplace has been making quick inroads eating into the market share of OpenSea.
On December 3, the Ethereum NFT market witnessed a surge in transaction volume, reaching $34.786 million, marking the highest figure since June 29 of the same year. Notably, Blur dominated the market with an 80% share, surpassing OpenSea, which accounted for only 18%. Over the last 24 hours, specific NFT collections experienced notable increases, with Pudgy Penguins setting a new high with over an 18% rise, surpassing 10 ETH. Other collections like Azuki and Milady also saw significant increases, rising by more than 9% and 10%, respectively
OpenSea’s Dwindling Fortunes
Once the largest NFT marketplace OpenSea has been facing a major challenge amid the introduction of new players. Last month, OpenSea announced that it has cut down its workforce by 50%. However, this development sets the stage for “OpenSea 2.0,” representing a significant stride in improving the platform’s fundamental aspects, encompassing technology and user experience.
In another development last week, Tiger Global, the American investment firm, has decreased its stakes in the Bored Ape Yacht Club, an NFT collection featuring 10,000 distinct collectibles, by 69%. Additionally, the firm has marked down its stakes in the NFT marketplace OpenSea by 94%, as reported by Bloomberg.
OpenSea has really got some work to do if it has to continue maintaining its market posture going ahead.
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