NFT Marketplace Competition 2024
Blur dominates the NFT marketplace and OpenSea trials; this article checks some of the facts and happenings in the Web3 NFT industry 2024. 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.
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