The NFT Market it may be finding its footing again as the market for non-fungible tokens on the Ethereum blockchain surpassed $1 billion for the first time since May 2022.
Amid the recent rally, NFT marketplace Blur has also surpassed once-largest NFT marketplace OpenSea in monthly volume for the third straight month as the cryptocurrency market debates the issue of creator royalties. NFT. Earlier this month, Blur also launched its highly anticipated token airdrop, disbursing around 360 million Blur tokens to users, or around 12% of the project’s total supply.
Many speculated that Blur activity would subside after its airdrop decoy concluded. Instead, the trading volume in the market continued to grow. Blur’s rise in the NFT market has helped reignite the debate over royalties. In previous quarters, OpenSea tried to balance creator royalties as it held the top position in the NFT markets, but Blur’s aggressive stance is causing OpenSea to change course.
Blur’s NFT marketplace has a 0.5% royalty fee, which many see as so nominal that it’s basically nothing.
“I have a feeling that Blur is not necessarily anti-royalty,” Yat Siu, president of Animoca Brands, told TechCrunch. “But what Blur is doing, and other markets are doing as well, is trying to capture market share.”
