This month, the non-fungible token (NFT) marketplace Blur has emerged as the leader in NFT trading volume, surpassing its main competitor, OpenSea.
According to The Block’s data, November witnessed a substantial increase in Ethereum-based NFT trading, totaling $605 million, doubling the volume compared to October.
In the first five days of December alone, Ethereum NFT trading has soared to $89 million, with Blur claiming a significant share of $69 million, exceeding 77%.
This stark contrast is notable against OpenSea, which recorded only $18 million in the same five-day period.
Blur has consistently dominated Ethereum NFT trading throughout the year, peaking in February with over $1 billion, while OpenSea lagged behind at $499 million.
The competition between Blur and OpenSea has been ongoing, with OpenSea making strategic adjustments to compete with its rival.
For instance, in February, OpenSea reduced fees to 0% and adjusted its creator earnings model to a minimum of 0.5%. In July, OpenSea introduced “Deals” to facilitate peer-to-peer NFT swaps.
However, OpenSea has faced challenges recently, announcing a significant restructuring last month with a focus on “OpenSea 2.0” to improve technology and user experience. This initiative led to a workforce reduction, with up to 50% of employees facing potential layoffs. Additionally, Investment firm Coatue Management reduced its stake in OpenSea by nearly 90%, prompting a significant valuation adjustment.
On the flip side, Blur continues to advance. In its latest move, Blur secured $20 million in funding while unveiling a transformative Layer 2 solution aimed at addressing NFT challenges, including transaction costs.
