Blur, OpenSea- What does the current state of NFT market look like
- In the wake of the SVB saga, Blur’s market share declined by 70%.
- Nevertheless, BAYC and MAYC witnessed consistent interest and a rise in sales.
In recent times, the NFT market has witnessed some major shifts in the dominance of key players.
By now, it’s a well-known fact that OpenSea has been a significant player in the market for a long time. However, Blur, a new entrant, is giving tough competition to it.
Setting the record straight
However, the tides have turned once again, and according to the token terminal, Blur’s market share has taken a major hit, falling by a whopping 70%.
One reason for this decline could be the decrease in the number of trades on the Blur protocol, which has gone down from 3.3 million to 2.5 million in just one month, according to data from Dune Analytics.
In contrast, OpenSea has been seeing an increase in the percentage of unique buyers per day. This means that more people are coming to the platform to buy and sell NFTs, and traders continue to flock to the platform, keeping its market share steady.
At press time, the percentage of unique buyers on the OpenSea platform was 66.66%. Blur, on the other hand, had only managed to capture 29.1%.
The troubles for Blur, however, didn’t end there.
Blue chip blues
Major players in the NFT market have been dumping their Blue Chip NFT collections, such as Moonbirds NFT, on the Blur platform, further contributing to the decline in its market share.
However, one platform that has remained consistent in terms of interest is Yuga Labs NFT. Despite the fluctuations in the market, Yuga Labs NFT has continued to attract buyers, suggesting that it has carved out a niche for itself in the market.
As of the press time, 500 Moonbirds were liquidated and the floor price of the collection fell by 23.86% in this period.
On the other hand, the strength of the BAYC and MAYC collections remained consistent in the market. Over the past few days, these collections have seen a renewed interest, as their volume and sales figures have gone up significantly.
Blur grabs Ethereum NFTs’ biggest share, but that’s not the entire story
- Blur surpassed its overall February market share in only the first seven days of March
- CryptoPunks traders preferred the platform despite Ethereum NFTs’ volume downturn
The Blur NFT marketplace may have launched in October 2022 but its track record since proves that the platform cares less about longevity. Also functioning as an aggregator, the marketplace has again demonstrated that it is not just resting on its oars.
Realistic or not, here’s BLUR’s market cap in ETH’s terms
A “Blur-red” sight is not always fuzzy
According to Dune Analytics, Blur accounts for over 80% of the total Ethereum [ETH] NFT volume. This has been the case for the entirety of the month on March.
At press time, the blockchain query visualization platform revealed that the Blur’s volume was as high as 4119.82. This was far above OpenSea’s figures, at 1011.65 ETH, while others including LooksRare and X2Y2 had negligible sales compared to the top two.
Blur’s quick rise to relevance at this time is not coincidental. A week ago, the marketplace grabbed a significant part of the NFT market share, overtaking the revered OpenSea.
Here, it is noteworthy to mention that trump in the marketplace was also crucial to the border NFT sales hitting a nine-month high in February. However, despite the success with digital collectibles, the BLUR token has been a mess. At the time of writing, the token was down 88.50% in the 30 days.
Additionally, Blur’s exceptional record has not been able to positively impact the broader ETH NFTs sales volume. This inference can be made because overall buyers of the collectibles fell over the last seven days by 88.07%.
Furthermore, CryptoSlam, the NFT aggregator, showed that sales were down 16.58% to $145.82 million within the aforementioned period. Consequently, this drop has made Ethereum NFTs lag behind the performance of assets under Arbitrum, Solana [SOL], and Polygon [MATIC] blockchains.
How much are 1,10,100 BLURs worth today?
Punks in bull clothing
An evaluation of the market data disclosed that Bored Ape Yacht Club [BAYC] led the sales volume standings over the past week. However, the collection volume decreased still. So, which blue chip has been instrumental to the Blur volume hike?
Further information from CryptoSlam showed that CryptoPunks registered a 100% hike in transactions. This spike pushed the volume to a figure of $4.40 million — Up by 88.17% over a 7-day period.
A further investigation revealed that the Paradigm-backed marketplace was responsible for most of the transactions.
[email protected] fp responded positively to the increase in liquidity when wrapped punks started trading on @blur_io
62.13 -> 66.4e (+6.9%) in 48 hours pic.twitter.com/YQoSHyfC5q
— A-Raving-Ape.eth 🍌⛩️🏴☠️ (@ape3593) March 6, 2023
While it is still not certain that the Blur airdrop and incentives were the reasons for greater participation, some traders have opined that they would still choose the marketplace over OpenSea.
yess, nft trading is much easier now.
assuming opensea has equal capibilities and similar cost to blur, that would be an interesting debate in future.
— 🅡ay.| Greentrades (@pudgyray) March 7, 2023
Blur’s token plummets by 98% in 20 days; will OpenSea make a comeback?
- BLUR’s price has dropped by 98% since it launched on 14 February.
- Blur continues to see increased user activity.
Blur’s governance token BLUR has suffered a massive 98% drop in its value within just 20 days of its launch, according to CoinMarketCap data.
Following a few months of anticipation, the zero-fee non-fungible token (NFT) marketplace released its governance token on Valentine’s day.
As community members began claiming their airdropped tokens and trading the same, BLUR’s price shot up to almost $50 on the same day.
However, almost instantaneously, it soon began its descent. At press time, the alt traded at $0.6915.
Is your portfolio green? Check out the Blur Profit Calculator
Profit lines are blurred
A look at the alt’s performance on a daily chart revealed that many BLUR holders have since begun distributing their holdings.
Analysis of key momentum indicators has shown no signs of accumulation activity since 14 February, indicating that many of the airdropped users were only interested in profiting from the tokens and selling them off.
With significant distribution still ongoing at press time, Blur’s Money Flow Index (MFI) rested deeply in the oversold region. It was 16.23.
Also, in a downtrend, the Relative Strength Index (RSI) lay below the 50-neutral position at 49.99
Further, the Directional Movement Indicator (DMI) confirmed that selling pressure exceeded buying pressure as the BLUR sellers had control of the market as of this writing.
The positive directional indicator (green), at 17.85, was positioned below the negative directional indicator (red) at 17.92. A further decline in buying momentum is expected to push the negative directional indicator upward, solidifying the sellers’ hold on the market.
As mentioned above, BLUR clinched its highest price level of $45 on the day it launched. The Aroon Up Line (orange) at 7.14% confirmed this and hinted at a further price drawdown.
It is trite that when the Aroon Up line is close to zero, the uptrend is weak, and the most recent high was reached a long time ago.
Realistic or not, here’s BLURs market cap in BTC’s terms
Blur’s grip on the market remains unrivaled, while OpenSea falters
Despite the steady fall in the value of its governance token, Blur continues to record increased user activity.
In fact, the NFT marketplace was responsible for 79.6% of the entire market sales volume in the last week.
OpenSea, on the other hand, contributed only 15% during the same period. Also, more NFT trades were completed on Blur than were completed on OpenSea in the last week, per data from Dune Analytics.
Glassnode, in a recent report, noted that the surge in Blur’s market share came after its token AirDrop on 14 February.
Prior to the AirDrop, the NFT marketplace, and aggregator held 48% of the total NFT transfer volume in the market.
However, after the AirDrop, its NFT transfer volume soared to 78%, greatly impacting OpenSea. As a result, OpenSea’s NFT transfer volume fell by 21% in the aftermath of the BLUR AirDrop.
According to data from Dune Analytics, 360 million BLUR tokens were airdropped on 14 February. With a 60-day window period to claim these tokens, 342.92 million BLUR tokens have been claimed so far by eligible users of the NFT marketplace.
Once the 60-day window to claim the airdropped tokens elapses, it remains to be seen whether this will culminate in a decline in NFT’s marketplace usage, which could potentially restore OpenSea to its previous level of prominence.
NFT Sales Dip By 32% In The Last Week, Ordinals Squeeze Into Top 10 Collections Via Emblem Vault
After a significant spike in February, sales of non-fungible tokens (NFTs) in the last seven days are 32.32% lower than last week. Of the 19 different blockchains, Ethereum accounted for $148.56 million out of the total $186.20 million in NFT sales settled this week.
NFT Sales Decline Following February Spike in Digital Collectible Purchases
During the past seven days, NFT sales totaled $186.20 million among 760,857 buyers. Although the number of buyers increased by 55.41% last week, sales volume decreased by 32.32%, and NFT transactions fell 91% compared to the previous week. Ethereum dominated the market, capturing $148.56 million or 79.78% of the total. However, sales of ETH-based NFTs decreased by 37.78% compared to last week. Solana (SOL) NFT sales increased by 12.93% this week, reaching $17 million, and Polygon recorded just over $6 million in sales, a decrease of 17.34% from the previous week.
The top five NFT collections in terms of sales this week are all Ethereum-based. The best-selling collection over the past seven days was MG Land, with just over $10 million in sales, an increase of 25.49% compared to last week. The second best-selling NFT collection is Momoguro Holoself with $8,848,317 in sales, followed by Sewer Pass, which generated $7,268,598 in sales over the last seven days. The NFT collections Bored Ape Yacht Club ($6.2M) and Otherdeed ($5.35M) follow MG Land, Momoguro Holoself, and Sewer Pass.
Interestingly, Bitcoin-based NFTs, or Ordinal inscriptions, have made their way into this week’s market data via Emblem Vault. Data from cryptoslam.io shows that Emblem Vault version four (v4) is a collection with a significant number of Ordinal inscriptions, including Bitcoin Punks and Counterparty-crafted collections such as Rare Pepe blockchain trading cards. Emblem Vault v4 is the eighth-largest collection in sales this week, rising 287% compared to last week and reaching $4.25 million. The most expensive NFT sold this week was Sewer Pass #21,915, which sold six days ago for $1.63 million.
In terms of NFT marketplaces, Blur is still the top market this week, capturing 79.7% of the market share. The NFT marketplace Opensea recorded 14.9% of the market share over the last week. Thirty-day metrics indicate that more than $2 billion in NFTs were sold, with Blur capturing 74.5% of the market share and Opensea obtaining 22.4%. X2Y2’s market share was around 2.5%, and the marketplace Looksrare recorded 0.7% market share last month.
Tags in this story
Bitcoin Punks, Blockchain, Blur, Bored Ape Yacht Club, Buyers, Collections, crypto market, Cryptocurrencies, Decentralized, Digital Collectibles, Emblem Vault, ETH-based NFTs, Ethereum, February spike, looksrare, Market Data, Market Share, MG Land, Momoguro Holoself, NFT market trends, NFTs, online marketplaces, Opensea, Ordinal inscriptions, Otherdeed, Polygon, Rare Pepe, sales, Sales Volume, Sewer Pass, Solana, Top 10, Trading Cards, transactions, virtual assets, X2Y2
What do you think about this week’s NFT sales sliding 32% lower than the previous week? Share your thoughts about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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