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OpenSea Trails Behind Blur in NFT Marketplace
OpenSea, which was once the largest NFT marketplace globally, has now fallen to second place behind Blur. Despite this, OpenSea is determined to regain its position at the top. One of its first steps towards achieving this goal is the launch of its Pro non-fungible token (NFT) trading platform, which has been highly anticipated for an extended period.
Blur has become the leader in terms of total volume in US dollars by providing a generous incentive module that offers lower fees, airdrops and token incentives for traders. This has enabled Blur to capture the overall market share previously held by OpenSea.
Despite Blur’s success, OpenSea still has the most active traders. This was bolstered by OpenSea’s acquisition of NFT aggregator service, Gem. Through the incorporation of Gem with its Pro product, OpenSea is now offering a much-improved range of features that allows collectors to search better propositions across 170 marketplaces and have access to advanced tools for automation.
According to Brad Kay, a Block research analyst, OpenSea’s strategy of providing incentives may not be enough to put Blur in second place. The cost of migrating to OpenSea may not be economical, particularly for prime traders and whales who are likely to remain with Blur.
In an attempt to emulate Blur’s success, OpenSea has started to provide incentives to holders. NFTs can be listed on Pro without any fees, and early acceptors of Gem will receive NFT rewards. OpenSea also plans to offer community rewards in the future.
Despite Blur’s current dominance, OpenSea’s determination to regain its position as the leading NFT marketplace could result in significant changes in the future.