Glassnode Report Claims This Platform Is Reigniting NFT Economy, But How?
In recent months, the NFT market slowed, with declining trading volumes and decreased investor interest. However, according to on-chain data provider, Glassnode, a new NFT marketplace called Blur is reviving activities in the sector once again.
Blur is a direct competitor of the popular NFT marketplace, OpenSea, which appears to be gaining traction among NFT buyers and sellers. The platform boasts a user-friendly interface, low fees, and a growing community of expert traders, artists, and collectors.
Blur Revives NFT Activity
According to Glassnode’s data, the number of unique buyers and sellers on Blur has increased over the past few months. Additionally, the circulating market cap of the Blur token has been on the rise, reaching up to $331.51 million, with a 24-hour trading volume of $169.44 million, data from DappRadar shows.
Glassnode also noted that the gas consumption from NFT dealings on the Ethereum network has increased in the last two months. The average gas cost at the moment stands at 38 gwei. This figure shows a notable increase from about nine months back, ranging between 10 and 20 gwei.
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In 2022, the NFT market displayed a slow pace in trading volume. At the time, even high collections declined significantly, which resulted in several analyses pointing out that the market space was filled with wash trading and vain promises. The macroeconomic pressures and bear market forced OpenSea, the largest NFT marketplace, to cut down staff capacity in June 2022.
Despite its move to create a zero-fee model, the marketplace has failed to compete with the notable growth of Blur. Based on the report, Blur has been committed to raising a community of expert traders – an improvement to OpenSea’s target audience of collectors and creators.
Meanwhile, users on the Blur platform execute an average of 4-5 trades in 24 hours, notably higher than the 2 trades per day on the OpenSea network.
Activities Driving Blur’s Progress
The resurgence of NFT activity on Blur could be attributed to several factors. First, the platform implemented a way to reward its users. The platform distributed an airdrop provided to the community as promised. This event attracted high-end collectors willing to pay a premium for rare and valuable NFTs.
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Secondly, Blur has gained a reputation for being a platform that prioritizes the needs of its users. The team behind Blur has been actively engaging with the community, listening to feedback, and implementing changes to improve the user experience.
Also, the platform has been able to differentiate itself from OpenSea by offering a more curated selection of NFTs. While OpenSea has thousands of NFTs listed on its platform, Blur only features a selected few, ensuring that buyers get the best from the available options.
Generally, the rise of Blur is a promising sign for the NFT market, which has been struggling to maintain its momentum in recent months. With more competition in the space, NFT marketplaces will continue innovating and improving, attracting more buyers and sellers alike.
Featured image from Pixabay, Chart from TradingView.com