- OpenSea’s buying and selling quantity market share plunged from 44% to a bit of over 14% in 10 days.
- Blur edged out OpenSea by way of the entire variety of trades as effectively, capturing 56% of the market share.
OpenSea had been hit arduous due to the Blur [BLUR] storm that swept the NFT market ecosystem. In keeping with a tweet, greater than 13k addresses canceled all their orders on OpenSea up to now week.
A complete of 13.6k pockets addresses canceled their OpenSea orders up to now week resulting from Blur’s loyalty program, which is sort of 5-6 instances the historic common. In keeping with @andrewhong5297 Dune. https://t.co/DWP0jFZ7TD pic.twitter.com/mSZJcfcfrL
— Wu Blockchain (@WuBlockchain) February 26, 2023
A Dune Analytics researcher opined that this could possibly be resulting from Blur’s loyalty program introduced the final week, whereby greater than 300 million tokens can be distributed to neighborhood members who will favor Blur over different marketplaces.
Even after making main adjustments in its market coverage akin to scrapping service charges, OpenSea was not in a position to achieve the boldness of customers again.
OpenSea faces tough waters!
On the time of writing, OpenSea’s share within the whole buying and selling quantity throughout marketplaces plunged from 44% earlier than the launch of the BLUR token to a bit of over 14% as of 24 February, knowledge from Dune Analytics revealed.
As indicated within the graph under, Blur’s quantity exploded because the launch of its token, growing by greater than seven instances.
Nicely, apparently, OpenSea was hit arduous but it surely began to indicate indicators of restoration in its every day energetic customers and income from 19 February. Nonetheless, Blur’s loyalty program announcement on 22 February halted its ascent once more, knowledge from Token Terminal confirmed.
With OpenSea successfully reducing off its main income by dropping charges, it stays to be seen which different avenues can be explored to extend the earnings.
OpenSea loses on the gross sales entrance as effectively
Surprisingly, Blur edged out OpenSea by way of the entire variety of trades as effectively, capturing 56% of the market share and pushing OpenSea decrease to 35%.
This was regarding as OpenSea loved appreciable dominance on this entrance for an extended time frame by advantage of it being fashionable amongst particular person traders somewhat than skilled merchants which Blur targeted on.
How a lot are 1,10,100 BLURs value right now?
Regardless of the excitement surrounding Blur’s exponential development, consultants raised issues over wash buying and selling. In keeping with a tweet by an analyst from Nansen, solely 20% of the Blur’s buying and selling quantity was natural, which was a worrying signal for the long run.