- Blur surpassed its overall February market share in only the first seven days of March
- CryptoPunks traders preferred the platform despite Ethereum NFTs’ volume downturn
The Blur NFT marketplace may have launched in October 2022 but its track record since proves that the platform cares less about longevity. Also functioning as an aggregator, the marketplace has again demonstrated that it is not just resting on its oars.
Realistic or not, here’s BLUR’s market cap in ETH’s terms
A “Blur-red” sight is not always fuzzy
According to Dune Analytics, Blur accounts for over 80% of the total Ethereum [ETH] NFT volume. This has been the case for the entirety of the month on March.
At press time, the blockchain query visualization platform revealed that the Blur’s volume was as high as 4119.82. This was far above OpenSea’s figures, at 1011.65 ETH, while others including LooksRare and X2Y2 had negligible sales compared to the top two.
Source: Dune Analytics
Blur’s quick rise to relevance at this time is not coincidental. A week ago, the marketplace grabbed a significant part of the NFT market share, overtaking the revered OpenSea.
Here, it is noteworthy to mention that trump in the marketplace was also crucial to the border NFT sales hitting a nine-month high in February. However, despite the success with digital collectibles, the BLUR token has been a mess. At the time of writing, the token was down 88.50% in the 30 days.
Additionally, Blur’s exceptional record has not been able to positively impact the broader ETH NFTs sales volume. This inference can be made because overall buyers of the collectibles fell over the last seven days by 88.07%.
Source: CryptoSlam
Furthermore, CryptoSlam, the NFT aggregator, showed that sales were down 16.58% to $145.82 million within the aforementioned period. Consequently, this drop has made Ethereum NFTs lag behind the performance of assets under Arbitrum, Solana [SOL], and Polygon [MATIC] blockchains.
How much are 1,10,100 BLURs worth today?
Punks in bull clothing
An evaluation of the market data disclosed that Bored Ape Yacht Club [BAYC] led the sales volume standings over the past week. However, the collection volume decreased still. So, which blue chip has been instrumental to the Blur volume hike?
Further information from CryptoSlam showed that CryptoPunks registered a 100% hike in transactions. This spike pushed the volume to a figure of $4.40 million — Up by 88.17% over a 7-day period.
A further investigation revealed that the Paradigm-backed marketplace was responsible for most of the transactions.
.@cryptopunksnfts fp responded positively to the increase in liquidity when wrapped punks started trading on @blur_io
62.13 -> 66.4e (+6.9%) in 48 hours pic.twitter.com/YQoSHyfC5q
— A-Raving-Ape.eth 🍌⛩️🏴☠️ (@ape3593) March 6, 2023
While it is still not certain that the Blur airdrop and incentives were the reasons for greater participation, some traders have opined that they would still choose the marketplace over OpenSea.
yess, nft trading is much easier now.
assuming opensea has equal capibilities and similar cost to blur, that would be an interesting debate in future.
— 🅡ay.| Greentrades (@pudgyray) March 7, 2023