Despite OpenSea processing a higher number of daily NFT trades, Blur, the newcomer, maintains a significant lead in terms of trading volume
OpenSea is once again the platform responsible for more than half of all Ethereum NFT trades. However, despite this achievement, they still have a long way to go to match the total volume of their new rival, Blur. According to a popular dashboard by user hildobby, OpenSea has handled an average of 10,400 Ethereum NFT trades per day over the past week.
Blur is a marketplace and aggregator for NFTs that focuses on high-volume trading. According to reports, it has been averaging about 8,500 trades per day.
Taking the third position is a platform that was formerly known as Gem, and was acquired by OpenSea in the previous year. OpenSea rebranded the platform as “OpenSea Pro,” and it has been averaging about 2,800 trades per day over the same period.
However, the number of raw trades is not the only factor determining success. When it comes to total weekly trading volume, Blur continues to dominate. As of now, Blur has a trading volume of over $100 million, making up 60% of the Ethereum NFT market. In comparison, OpenSea’s trading volume is only 18.6%.
Blur offers zero fees on trades and limits royalty payments to NFT creators, with the aim of encouraging more trading and, theoretically, better price discovery. Recently, they also launched a peer-to-peer NFT lending protocol called Blend.
Image source “Blockworks”
Since the surge in February, when the hype around Blur was at its peak and a token airdrop was imminent on Valentine’s day, the weekly trading volume for Ethereum NFTs has decreased. During that time, Blur had a weekly trading volume of up to $519.5 million.
It’s important to mention that hildobby’s dashboard only monitors Ethereum NFTs. Other networks, such as Solana, are also handling a substantial amount of trading volume currently.
Another NFT marketplace and aggregator like Blur, called Tensor, is based on the Solana network. In the past 24 hours, Tensor has shown a trading volume of around $1.6 million, which is similar to that of OpenSea Pro.
