NFT markets led by Blur’s staggering increase in trade volume
Blur is snatching a much larger marketplace recently as the conflict with OpenSea reignited. Since the market seemingly took the lead in the non-fungible token (NFT) field amid its bold statement on Opensea, on Feb. 19, Blur achieved a 24-hour trading volume of more than $100 million for the first time since April 2022.
In the last 24 hours, there has additionally been a 15.5% growth in the overall number of traders using the Blur platform, which now has 16,599 registered clients. According to DappRadar, as of the time this article was written, its trade volume had climbed by 3%, pushing it to $98 million.
OpenSea is making a sluggish but steady recovery
According to Dappradar, OpenSea is making a slow recovery after recent developments in the NFT space that caused the OpenSea marketplace to lose some of its customer bases to its competitor Blur. Opensea saw a 27% rise in the number of traders, contributing to a remarkable 123% increase in trading volume.
OpenSea is climbing out of a slump that caused it to show lower trends on market charts for the more significant part of the previous week. Now, the company seems to be on the road to recovery.
This rise may be attributable to the recent declaration made by the company that it would be instituting zero fees to win back its client base that it had lost to Blur as a consequence of the company’s recommendation that its NFTs not be sold on OpenSea.
Although having just entered the NFT market in October 2022, Blur has shaken the space as it proves its might. This is greatly attributed to the fact that professional traders may take advantage of several advantages offered by this marketplace, including increased speed, access to analytical tools, elimination of gas expenses, and reduced transaction costs. Moreover, since the market is still relatively new, it is reasonable to predict that NFT trading improvements will be implemented shortly as the saga heats up.