Trading volume for NFT marketplaces Blur and Opensea is soaring as NFT traders regain confidence.
The year is starting with a bang for NFT trading, and there’s a new marketplace in town.
In fact, Blur marketplace is clearly overtaking Opensea as the number 1 NFT marketplace in the world.
The new rival for Opensea caters for professional traders on the Ethereum network, and is incentivizing them to actively trade NFTs.
Indeed, Blur’s new rewards scheme is taking off. According to DappRadar, the marketplace has seen $502.02M in trade volume in the last seven days – up 415% from the previous week. By comparison, Opensea is lagging behind on $322.11M, but they’re also up 235% from the previous week.
Blur’s rewards scheme
Blur’s success is down to the platform’s rewards and incentives. Indeed, traders are being encouraged to trade like professionals, buying and flipping NFTs the same way they might flip DeFi tokens. For example, 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 large portion of the trading activity is down to whale traders. For example, renowned whale trader MachiBigBrother was involved in nearly 1300 Otherside NFT trades in a seven-day span. Moreover, there are many others like MachiBigBrother, who are trading frequently to earn future token rewards.
On that note, Blur is already teasing its ‘Season 2’ token airdrop. Specifically, traders who “bid on top collections closer to the floor get more rewards.” In essence, that means getting bids in early for a popular NFT project will earn rewards on Blur. Hence, Blur is encouraging the pro-trading style and high levels of volume and activity.
In response to Blur’s success last week, Opensea cut its 2.5% fee on all NFT sales. In addition, Opensea 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. What is more, the two rivals are engaging in a titanic battle for dominance.
Watch this space for more news on the battle front.
