Blur appears to have lost its title as the world’s most popular NFT marketplace.
OpenSea Pro was rebranded and unveiled to court active traders from Blur. The latter was eating away at OpenSea’s market share since its launch last October. The counteroffensive proved somewhat successful as data suggest that the new “polished” NFT aggregator has surpassed Blur by daily transaction count.
Delphi Digital’s analysis indicates that OpenSea Pro has surpassed transactions since rebranding. This essentially means that NFT traders are conducting more transactions on OpenSea Pro than on Blur, despite both platforms offering 0% fees and similar features.
The launch of OpenSea Pro, an aggregator geared toward active traders, was highly tactical as it boasted zero fees for a promotional period and advanced order type in the wake of fierce competition from its rival.
Hence, one of the main reasons for OpenSea being well-received could be due to the fact that pro traders are looking to benefit from the new NFT rewards in anticipation of higher opportunity costs.
A potential airdrop could be another factor catalyzing this trend by enticing new users.
Blur’s bidding and listing incentives, on the other hand, have become relatively saturated. Delphi Digital stated that it has become difficult to earn points, despite the 2x multiplier incentives that last through May 1.
“As Blur’s incentives taper off over time, we may continue to see higher transaction activity on OpenSea Pro.”
A majority of NFT trading volume originated from Blur in Q1 2023. Within six months, the platform managed to dethrone former market leader OpenSea.
But there appears to be a rapid shift in the NFT landscape, thanks to OpenSea Pro’s release. Blur’s market share shrunk from 49.3% to 27.9% this month.
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