Blur is grabbing a much larger market recently when the conflict with OpenSea was reignited. With the market seemingly taking the lead in the non-fungible token (NFT) arena amid its bold statement on Opensea, on February 19, Blur achieved trading volume of over $100 million in 24 hours for the first time since April 2022.
In the last 24 hours, moreover, there has been a 15.5% growth in the total number of merchants using the Blur platform, which now has 16,599 registered customers. According to DappRadar, at the time this article was written, its trading volume had increased by 3%, bringing it to $98 million.
OpenSea is having a slow but steady recovery
According to Dappradar, OpenSea is slowly recovering after recent developments in the NFT space saw the OpenSea marketplace lose some of its customer base to its competitor Blur. Opensea experienced a 27% increase in the number of traders, contributing to a remarkable 123% increase in trading volume.
OpenSea is coming out of a slump that caused it to trend lower on market charts for most of the past week. Now the company appears to be on the road to recovery.
This increase can be attributed to the company’s recent statement that it would set zero fees to regain its customer base that it had lost to Blur as a result of the company’s recommendation that its NFTs not be sold on OpenSea.
Although it just entered the NFT market in October 2022, Blur has shaken up the space by proving its power. This is largely attributed to the fact that professional traders can take advantage of several advantages offered by this marketplace, including increased speed, access to analytical tools, elimination of gas charges, and reduced transaction costs. Also, since the market is still relatively new, it’s reasonable to predict that NFT trading enhancements will roll out shortly as the saga heats up.
