NFT Marketplace Competition: Blur Dominates, OpenSea Trails
Despite being a relatively new company, Blur is emerging as a fierce competitor to OpenSea in the NFT marketplace wars.
There has been a lot of hype surrounding the Blur NFT marketplace over the last couple of weeks. In October last year, BLUR governance tokens made their way to NFT traders on the Ethereum blockchain. It is promoting itself as the fastest NFT marketplace for traders. The token unlock event saw a massive release of 360 million tokens. Moreover, NFTs valuing $1.18 billion and 146,823 unique users were introduced in the market, along with the news of the airdrop, in the first four months after the debut
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The Statistics Around the Hype
The hype was real surrounding the airdrop, as Blur has dominated OpenSea's NFT trading volume. According to Dune Analytics statistics, the marketplace had a volume of $601 million over the past seven days compared to the $104 million of OpenSea. These numbers correspond to Blur Marketplace controlling an 85.2% market share compared to OpenSea's 14.8%.
Daily volume numbers are also evident in this comparison. According to DappRadar statistics, Blur achieved a trading volume of $98.6 million in the last 24 hours. While OpenSea, in second position, only managed $17.92 million. Additionally, compared to OpenSea, its daily average transaction price has consistently been greater.
It's important to note that Blur has designed its incentives strategy to avoid rewarding volume in order to discourage wash trading. By tweaking its royalties reward structure, the market has attempted to bypass OpenSea's constrictive approach. This policy change is a defensive measure designed to safeguard its survival as it was forced to make this decision as a result of OpenSea's non-competitive position. Blur and OpenSea do not pay royalties to the same creator on both platforms.
Counter-Strategy by OpenSea: Temporary 0% Fees Policy
In response, OpenSea made a huge policy shift to the way its marketplace operates. The platform claimed that it has always worked to safeguard creator royalties for all collections. It also adds that its "Operator Filter" was developed just to ensure that. The team at OpenSea believed that it was the most effective technique to guarantee that creators earn money from the continued resale of their works.
The market claimed it has implemented a temporary zero percent fee on all secondary sales in place of the contested 2.5% cost in order to meet the challenge. OpenSea added that although sellers are free to set their own royalty rates, all current and future NFTs that do not use on-chain enforcement must now follow an optional creator profits model (minimum 0.5%). The third modification OpenSea made was to its operator filter in an effort to win back its dwindling user base. Creators will no longer be forced to decide between collecting revenue from sales on OpenSea or another marketplace because the revised filter now allows the sale of NFTs on marketplaces with comparable policies, like Blur.
Blur: A New Force to Reckon
Blur's decision to remove creator profits even on filtered collections and force creators to choose between liquidity on their platform has forced OpenSea to make changes to the company’s policies. The NFT market (almost 80%) now operates under the 0% policy and hence does not offer full creator compensation. The market made a commitment to working continuously to improve incentives for all ecosystem participants, such as creators, collectors, and high-volume traders.
Yuga Labs concedes to alter its BAKC logo and Blames it on a contracted freelancer
This past week we saw the removal of Yuga Labs The Bored Ape Kennel Club (BAKC) logo. The reason was Yuga Labs' failure to obtain the approval and consent of the logo's original artist and owner. The controversy started after a Twitter user pointed out the striking resemblance between BAKC's logo and the wolf skull picture first released on April 5, 2021, by Easy Drawing Guides, a website that offers tutorials to novices and children for drawing cartoon-like images.
Yuga rendered the logo and even submitted a trademark application for it in November after the collection debuted in June 2021. Easy Drawing Guides asserts that it still owns all intellectual property rights to the illustration. Moreover, it also reaffirms the prohibition of using its exclusive content for commercial gain under its terms and conditions.
Greg Solano, one of the people who started Yuga Labs, says that the company didn't know about the claims against the BAKC logo. However, an investigation is already underway regarding the logo. Solano blames a freelancer responsible for the design for any wrongdoing. Nonetheless, a new logo is on the cards, as the previous one is under litigation. Solano confirms that the new logo for the NFT collection will soon hit the market.
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