While the broader cryptocurrency market has registered a strong bull run this year, the market for non-fungible tokens has lagged significantly. On the other hand, dominant players like OpenSea have lost ground to new players like the Blur NFT marketplace.
Blur acquires OpenSea
Blur is an innovative non-fungible token (NFT) marketplace and aggregator platform with advanced features such as real-time price feeds, portfolio management, and multi-market NFT comparisons. Positioned as a platform with faster NFT sweeps and an intuitive interface, Blur aims to differentiate itself from other similar platforms in the NFT space. BLUR is the native token of the Blur NFT marketplace.
Amid Blur’s parabolic penetration of the NFT market, the BLUR token has also witnessed a strong 100% gain in the past month. Analysts are already expecting a price increase to $1 amid a strong accumulation of whales and buyers.
Here’s a recent look at how the Blur NFT market has quickly gained ground on OpenSea’s market share.
On December 3, the Ethereum NFT market witnessed an increase in transaction volume, reaching $34.786 million, the highest since June 29 of the same year. Notably, Blur dominated the market with an 80% share, surpassing OpenSea, which only accounted for 18%. Over the past 24 hours, specific NFT collections saw a notable increase, with Pudgy Penguins setting a new high with an increase of over 18%, surpassing 10 ETH. Other collections such as Azuki and Milady also saw significant increases, by over 9% and 10% respectively
OpenSea’s declining fortunes
OpenSea, once the largest NFT marketplace, faces a major challenge amid the introduction of new players. Last month, OpenSea announced it had reduced its workforce by 50%. However, this development forms the basis for “OpenSea 2.0”, which represents a significant step forward in improving the fundamental aspects of the platform, including technology and user experience.
In another development, Tiger Global, the US investment firm, last week cut its stake in the Bored Ape Yacht Club, an NFT collection containing 10,000 different collectibles, by 69%. Additionally, the company has cut its stakes in the NFT marketplace OpenSea by 94%, as reported by Bloomberg.
OpenSea really still has some work to do if it wants to continue to maintain its market position in the future.