As NFTs continue to find their place in the rest of the world, a battle for market share is raging between two of the biggest players in the space: Open sea and blur. Since its launch in 2017, OpenSea, the world’s largest NFT marketplace, has had a virtual monopoly. However, Blura newer player in the space, it has closed the gap on the market leaders with a wide range of new features.
OpenSea was one of the first NFT marketplaces, allowing users to buy and sell digital assets using Ethereum. It offers users a wide variety of options, including collectibles, art, music, videos, and games. Blur, on the other hand, is a newer platform that allows users to buy and sell assets on the Ethereum blockchain. It has several unique features, including a built-in aggregator and sniper tools. As a result, Blur is fast becoming a serious competitor to OpenSea and other platforms.
What is driving the competition?
OpenSea and Blur are two of the leading Ethereum-based NFT marketplaces, and both have seen a significant increase in sales in recent months. Over the past 30 days, the top five NFT projects by volume on OpenSea included Sewer Pass, Memes by 6529, Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Checks—VV Edition. While Blur’s top five included MAYC, Azuki, BoredApeKennelClub, BAYC, and Otherdeed for Otherside.
At the time of writing, the median market cap for Blur’s top five NFT collections was 270,109 ETH, significantly higher than OpenSea’s 94,400 ETH. Thus, suggesting that professional traders are choosing to use Blur in favor of the legacy platform, OpenSea.
Overall, OpenSea and Blur have established themselves as two of the top NFT marketplaces in the Ethereum ecosystem. Blur has been more successful with its high-volume collections, but OpenSea still has a broader reach overall. As the NFT sector continues to grow and attract more users, we can expect to see increased competition between the two markets.
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type of investment.
NFT and Web3 Ambassador. Bullish on everything related to Blockchain.
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