BasEx | Blur's Rise to 80% Market Share in NFTs
Blur Increases NFT Market Share to 80%
06.12.2023
Blur Increases NFT Market Share to 80%

A significant shift has occurred in the non-fungible token (NFT) market: Blur now commands about 80% of the trading volume, while OpenSea's share has dropped to approximately 17%, according to data from The Block.

Blur has strengthened its position due to increased user activity since November.

Last month's trading volume of NFTs on Ethereum reached $605 million, twice as much as in October ($306 million).

In the first four days of December, the trading volume already amounted to about $90 million, with around $70 million attributed to Blur.

The change in sector leadership has been noticeable since February this year. Nearly 97% of the total trading volume is now between Blur and OpenSea.

There's also been a rise in activity on NFT marketplaces based on Solana. The daily volume on November 30th reached a high since April 2023 - $9.3 million, with a large portion of that ($5 million) on Tensor.

On November 24th, Binance began trading Blur's NFT marketplace token (BLUR) in pairs with Bitcoin, USDT, and the Turkish Lira. Positive price dynamics were observed before and after the listing, driven by the hype surrounding the project's second airdrop season ending on November 21st.

The price of BLUR could also have been influenced by the launch of the L2-native yield protocol Blast by the developers of the NFT platform. On November 25th, the project's TVL reached $443 million.

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