Blur and OpenSea Battle for Dominance in NFT Market with Creator Royalties
In the highly competitive world of NFTs, the rivalry between Blur and OpenSea has intensified as they compete for market leadership. Blur, with its recent BLUR token airdrop and royalty adjustment, has taken the lead with over $400 million in volume in just a week. This has prompted OpenSea to respond with fee and royalty changes, but the move has not been enough to stop Blur from surpassing OpenSea in trading volume and platform activities.
On February 18th, OpenSea announced significant changes to its fee structure, including a temporary reduction of fees to 0%, a shift to optional creator earnings for collections without on-chain enforcement, and the removal of operator filters that block marketplaces with the same policies. These changes aim to provide creators with more flexibility and choices to maximize their exposure and sales opportunities. However, Blur's bidding mechanism and token airdrop have kept NFT bids around the floor price, making NFT trading more orderly, and its rewards effectively attract traders, increasing NFT liquidity and willingness to trade. BLUR tokens have also been climbing in price since its airdrop.
While Blur claims to prioritize the needs of creators, its strategies appear to appeal more to traders, resulting in traders flocking to its platform. With buyer demand concentrated on Blur, sellers are naturally more willing to supply content to the platform. In terms of data, Blur's combined strategies have effectively driven growth on the platform.
In addition to the Blur-OpenSea competition, several noteworthy trends have emerged in the NFT space. Nouns has experienced remarkable growth in trading activity due to whales' swipe for Blur airdrop, while Moonbirds has launched the Lunar Society to nurture the growth and development of its brands and provide funding for community-driven projects. Azuki has also put more effort into building its BEANZ intellectual property with the launch of two new characters.
As the NFT market continues to evolve, the competition between Blur and OpenSea highlights the importance of adapting to changes and providing creators with flexibility and choices to succeed in the market. The emergence of new trends and developments also underscores the dynamic and innovative nature of the NFT space.