OpenSea is considered the largest marketplace in the world for trading non-fungible tokens (NFTs), but in recent weeks it has suffered from this hegemony. It all started with the launch of Blur, another marketplace for trading digital collectibles that adopted an aggressive strategy to steal customers from its rival.
Data from the Dune Analytics platform points out that Blur, which was launched months ago, concentrated 82% of the share of all trading volume on the Ethereum network last week. The marketplace expansion comes amidst OpenSea’s efforts to retain its customers.
Blur was launched together with an airdrop, a kind of free distribution, of the token associated with the markerplace, BLUR. Since then, the platform has had more than 70% of the volume of NFTs traded on Ethereum daily. Also, it does not charge transaction fees.
As the competitor began to grow, OpenSea made the decision to also exempt traders from paying transaction fees. Even so, the decision does not seem to have stopped Blur’s growth so far.
A user of Dune Analytics pointed out that, so far, the NFT marketplace has distributed 12% of the entire available supply of its token, but that those responsible for the project are already announcing plans to carry out a new airdrop soon, this time around 10% of the total offer.
According to Blur, it is possible to maximize the amount received in each distribution through “loyalty”, which requires proof that the user is listing their digital collectibles exclusively on the marketplace, removing them from rivals such as OpenSea.
The analyst assessed that “Users who have moved have known Blur and seen better liquidity, and the minimum price is often lower and the purchase price is higher. This shows that users who have migrated consider Blur to be a superior product, even now that the rates are not lower (than OpenSea)”.
Analyst Kofi Kufuor believes that, at the moment, the platform still has the necessary incentives to continue growing and attracting customers. However, he noted that 53% of all NFT trading volume on Blur comes from the same 500 digital wallets. He opined that the marketplace strategy does not show signs of sustainability in the long term, which could lead to a flight of customers.
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