According to recent market data from DappRadar and Dune, NFT sales in March were close to $2 billion, with trading volume dropping slightly from February’s total of $2.04 billion.
The month of March saw a notable increase in Ethereum NFT trading activity, with Blur leading the way in trading volume at nearly $1.35 billion. While this generated more trades, there was still a drop in the total number of NFTs sold compared to the preceding month (February).
Furthermore, Blur’s launch of its BLUR reward token likely contributed to its dominance in the market. This NFT marketplace continues to be a significant player in the world of digital art and collectibles, with high sales and trading volumes.
The Contribution of Blur
In October 2022, Blur entered the NFT marketplace, quickly garnering a considerable share of the market’s transaction volume, posing a challenge to OpenSea’s supremacy. This fast expansion has enabled Blur to emerge as a key player in the NFT market.
Blur’s success can be attributed to the launch of its BLUR reward token and royalty adjustment, which helped it top $400 million in volume in a week. In February 2023, Blur’s NFT volumes stood at over 9,200 ETH worth some $15.2 million, representing more than 25% of OpenSea’s volume. By March 2023, Blur was responsible for the majority of NFT trading activity, totaling around $1.35 billion in NFT trades in Ethereum.
Response of OpenSea to Blur’s Dominance
OpenSea has responded to Blur’s dominance in the NFT market by relaxing its royalty policy to counter the loss of market share. OpenSea has also made fee and royalty changes to try to compete with Blur, but these moves have not been enough to stop Blur from surpassing OpenSea in trading volume.
According to Nansen data, OpenSea has consistently maintained higher daily activity levels compared to Blur. A comparison of the two NFT marketplaces shows that Blur has seen a remarkable rise in trade volumes, but it has yet to reach the same level of sales and active wallets as OpenSea.