Over the past two months, the growth of NFTs has been on a steady uptick, much like the world of cryptocurrency. This continuous growth has been driven by the increasing popularity of NFTs among artists, collectors, and investors.
With NFTs, digital assets like art, music, and other forms of content can be authenticated, verified, and traded on blockchain-based marketplaces.
OpenSea Lagging in The NFT Space
OpenSea, the leading NFT marketplace, has been at the forefront of this growth. In the last week alone, OpenSea’s volume more than doubled, a testament to the growing interest in NFTs. However, despite this growth, OpenSea has yet to fend off competition from new players.
NFT platform Blur has emerged and has quickly gained traction in the market. With Blur, traders can buy, sell, and trade NFTs like with cryptocurrencies. As a result, the platform has recently seen a surge in activity, with traders actively trading NFTs like they would crypto coins.
Recent data from DappRadar indicates that the new NFT platform, Blur, has made impressive strides in the market. According to the data, Blur has made over $46 million worth of Ethereum NFTs in the last seven days, representing a 361% increase over the previous cycle. This surge in activity has made Blur a major player in the NFT space in a relatively short time.
Meanwhile, established player OpenSea has also seen some growth, with a 12% increase in trading volume reaching $107 million. According to CryptSlam, there will be a 155% week-over-week increase in Ethereum trading volumes, indicating that interest in the market continues to grow.
The Drivers of Success For Blur
One factor contributing to Blur’s volume surge is the airdrop of the Blur Governance token. The token was given to NFT traders and investors in the Blur community. The Blur Governance token has a market cap of $466 million and is currently selling at $1.20. The surge in activity is a positive sign for the token, as it shows strong interest from traders.
Another major driver of the success of Blur is its innovative reward system, which incentivizes more and more people to trade NFTs on the platform. Blur’s reward system is designed to encourage trading and boost the chances of winning rewards.
The platform has a reward pool funded by transaction fees generated by trading. Traders who make trades on Blur are eligible for a share of the reward pool, distributed among the top traders daily.
The more a trader trades, the higher their chances of winning rewards. This reward system has proven very popular among traders and investors, providing an additional incentive to trade on the platform.
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