Will the NFT Marketplace Blur Become the Numero Uno?

The NFT marketplace Blur recorded exponential gains in trading volume and royalties

The NFT marketplace Blur has gained notoriety because of its meteoric expansion over the past few months.

According to Blur's financial report, which Token Terminal made public, the entire trading volume for February has already reached US$415 million, a 150% increase from November.

The number of royalties paid on the market also increased dramatically. At the time of publication, the total amount of royalties paid in February had risen to US$3.24 million, a staggering 326% increase from November and a 20% increase from the month before.

Its performance was strengthened this week by the BLUR token launch.

Blur doesn't impose any marketplace fees on its traders, in contrast to other stakeholders in the ecosystem. Also, since its debut, it has been dispersing "Care Packages" filled with BLUR tokens to encourage trading on its platform.

Users may now exchange their care packages for the platform's native coin thanks to the launch of BLUR. A total of 360 million tokens have been airdropped, and as of the time of writing, 93% of them have been claimed, according to statistics from Dune Analytics.

With the introduction of BLUR, Blur's daily trade volume doubled, and over a significant portion of last week, its market share remained above 70%, far outpacing that of market leader OpenSea.

It's interesting to note that Blur's position as a top aggregator of NFT marketplaces might be partly blamed for the company's recent rise. According to data from Dune Analytics, Blur held a monopoly in this market, controlling more than 96% of daily trade activity.

The emphasis now moves to the pricing of the recently released BLUR token with all the necessary boxes checked. As of the time of publication, it increased 21% to be at US$1.35 on CoinMarketCap. Token owners may anticipate significant profits in the upcoming weeks if the rise in major market indices holds.

Blur's fierce competitiveness forced OpenSea to make significant adjustments to its marketplace policies. These included making creator royalties optional and eliminating the 2.5% service fee on purchases, both of which Blur already provided and may have benefited from.