Blur, the platform’s user-friendly interface and unique offerings have attracted a growing number of NFT enthusiasts, resulting in a surge in trading activity. With this milestone, Blur is cementing its position as a major player in the NFT space and proving to be a formidable competitor to established platforms like OpenSea.
Whether finally, unfortunately, or unexpectedly, OpenSea has been surpassed as the leading NFT marketplace by virtue of trading volumes. In the NFT crypto ecosystem, this is hot news because for a long time, OpenSea has been the embodiment of what a successful NFT marketplace.
The OpenSea NFT marketplace was created by Devin Finzer and Alex Atallah. As awareness and interest in NFTs by Blockchain enthusiasts grew, so did OpenSea’s relevance as a centralized marketplace where people could trade NFTs easily.
The Largest NFT Marketplace
As NFT trading grew more feverish, OpenSea became tremendously successful to the point it was described as the “largest NFT marketplace” when it reached a cumulative valuation of $13.3 billion in 2022.
While some of OpenSea’s competitors like Binance NFT, Rarible, and Crypto.com did fairly well, none were able to topple OpenSea from its leading position in terms of massive NFT volumes in trading.
However, OpenSea’s dominance came to an end on 15th February, a day after Valentine’s. And the NFT marketplace responsible for this NFT crypto coup? The villain of this story? One called Blur.
What is Blur?
Blur is an NFT marketplace which came into operation in October of 2022 after its official launch. As an NFT crypto platform that is backed by venture capitalists, the Blur NFT marketplace allows users to make NFT comparisons and engage in trading NFTs.
Additionally, Blur crypto leverages advanced analytics to enable people to efficiently and profitably manage their NFT crypto portfolios.
As an Ethereum-native NFT marketplace, Blur’s value proposition lays in maximizing creators’ royalty earning potential, minimizing NFT trading costs, and optimizing user convenience by offering fast processing speeds of NFT crypto transactions.
Why Has Blur Surpassed OpenSea NFT Marketplace?
On Wednesday this week, Blur was able to topple OpenSea from the apex when Blur’s NFT trading volumes reached 6,602 ether (ETH). This is while OpenSea’s NFT volumes capped at 5,649 ETH.
This is after Blur released its native crypto token the previous day on 14th February 2023. There are several factors that Blur’s latest feat in overtaking OpenSea’s NFT volumes can be attributed to. These factors include;
- a) Superior user experience
To succeed in any modern industry including in the NFT crypto world, businesses have to focus on delivering the best customer experience they can to users. The better the experience users have when interacting with a product or a platform, the likelier the business is to succeed.
And with regards to this, Blur NFT marketplace has done a better job than OpenSea hands down. That is because Blur’s interface is very easy and fast to navigate. The interface is also robust as it offers a centralized mechanism for monitoring various elements of an account in one page.
As such, NFT traders don’t have to open new tabs for everything they want to check. Rather, they can go through their sales/transaction histories, trading NFT analytics, and ETH price feeds all from the same page. This maximizes convenience, saves time, and enriches user experience.
- b) High quality data analytics
NFT trading is lucrative but highly competitive. As such, NFT traders have to gain a competitive advantage over other traders in an NFT marketplace if they are to turn profits. That requires fast and accurate decision making.
And fortunately for traders, Blur provides high quality data analytics on which they can observe NFT market dynamics. After analyzing such data, NFT traders can draw their conclusions and then make informed trading decisions.
This greatly improves the traders’ chances of success. Hence, another reason why Blur has been able to surpass OpenSea NFT marketplace is that it offers quality data analytics which help to enrich the decision making process for better NFT trading outcomes.
- c) Expectation of higher returns on NFTs
Lastly, another major reason many users have migrated and enabled Blur to surpass the once-dominant OpenSea NFT marketplace is that traders believe they will be able to earn more from their NFT collections while using Blur.
That is because OpenSea does not allow creators to earn royalties on any other platform besides it. However, Blur does not restrict the number of other platforms creators can draw their royalties from. That allows them to earn more revenue from their NFT collections.
Additionally, Blur entered the market as a zero-fees NFT marketplace that didn’t require creators to pay fees in order to have their work on the platform. OpenSea NFT marketplace is only just eliminating the fees now that Blur has overtaken it.
Read also: Opensea lays off 20% of its workforce
It remains to be seen for how long Blur NFT marketplace will sustain its bullish run. However, the truth is that Blur as a platform has great benefits that make it genuinely attractive to NFT traders including fast processing speeds, zero fees, and excellent user interface and experience.
Therefore, Blur’s long-term success will be determined by how well they are able to maintain their present strengths while constantly innovating to satisfy the dynamic NFT trading needs of traders.