User activity on Blur has decreased significantly in recent months. OpenSea, on the other hand, has seen a steady stream of users.
After launching in October 2022, Blur [BLUR] gained significant traction in the few months that followed to overtake market leader OpenSea in NFT transfer volume and trading volume. However, with OpenSea regaining some of its lost market share over the past 90 days, Blur’s popularity in the NFT vertical has started to wane, data from Dune analysis revealed.
Fast race to the top and back to the bottom
A Glassnode reports this report published in March, Blur’s success in the first few months after launch was due to its model as a professional trading platform for NFTs, with a zero trading fee model and optional royalty payments.
In addition, the platform became more popular after the BLUR token AirDrop, where the NFT marketplace implemented a token reward system that incentivized users to place bids. This improved Blur’s market depth and increased NFT sales frequency through OpenSea.
Source: Glassnode
However, with the last few months plagued by a general decline in the NFT market, user activity on Blur has slowed. According to on-chain data provider Dune Analytics, daily NFT trading volume on Blur peaked at $51.79 million on June 27, after which it trended downward.
As of July 16, Blur recorded a trading volume of $529,309, representing a 99% drop in daily trades since its peak in June. While OpenSea’s daily trading volume has only ranged between $2.5 million and $3 million since the start of the third quarter, it has since regained its position as the top NFT marketplace.
Source: Dune analysis
According to data from Dune Analytics, 86% of all NFT transactions completed in the past week were executed on OpenSea. During the same period, Blur was responsible for only 15%.
Source: Dune analysis
Further, as the market becomes less and less interested in trading NFTs, Blur has seen its daily average trading price fall. This dropped suddenly from $3413 to $790 between July 5 and July 6. At the time of writing, this stood at $167. While the general decline in the NFT market is also affecting OpenSea, the daily average trading price has narrowed over the past month maintained and not dropped too much.
Source: Dune analysis
In terms of the number of users on both marketplaces, Blur’s daily users have been steadily declining since the beginning of July. With only 152 users completing NFT transactions on the marketplace as of July 16, the daily number of users on Blur has dropped 97% in less than 20 days. OpenSea, on the other hand, continues to see an influx of daily traders.
This post Interest in Blur craters as NFT enthusiasts return to OpenSea
was published first on https://ambcrypto.com/interest-in-blur-craters-as-nft-enthusiasts-return-to-opensea/
