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Will OpenSea manage to regain dominance again?
Emerging NFT marketplace Blur may have waged an open battle against the one-time market leader, but the latter appears to be making a comeback, albeit slowly. According to Dune Analytics data compiled by sealaunch.xyz, the percentage of unique users on OpenSea has increased since the mid-February plunge. At the same time, it was noted that the average sales size per user on Blur dropped significantly after the airdrop. Since the event, the trading volume of major collections such as CryptoPunks, BAYC, Otherdeed, MAYC, Meebits, Moonbirds, CloneX and Doodles decreased on Blur and increased on OpenSea instead. BLUR, the governance token, was airdropped to users last week. …
Will OpenSea manage to regain dominance again?
Emerging NFT marketplace Blur may have waged an open battle against the one-time market leader, but the latter appears to be making a comeback, albeit slowly.
According to Dune Analytics data compiled by sealaunch.xyz, the percentage of unique users on OpenSea has increased since the mid-February plunge.
At the same time, it was noted that the average sales size per user on Blur dropped significantly after the airdrop. Since the event, the trading volume of major collections such as CryptoPunks, BAYC, Otherdeed, MAYC, Meebits, Moonbirds, CloneX and Doodles decreased on Blur and increased on OpenSea instead.
BLUR, the governance token, was airdropped to users last week. The tokens have even accumulated trading volume of more than $1 billion.
1/ Page @blur_io air drops, @open sea appears to be (slowly) regaining volume market share.
🧵
Check that one @DuneAnalytics Dashboard here
📊 https://t.co/SUjGKFMxRg pic.twitter.com/v2cDi88CVX
— sealaunch.xyz (@SeaLaunch_) March 3, 2023
Blur vs. OpenSea
As part of its power grab strategy, Blur has updated its royalty policy stating that NFT creators cannot earn royalties for both Blur and OpenSea at the same time. During its launch in November, Blur refrained from charging full royalties - it did not enforce a fee charged to creators for secondary sales of their digital collectibles. Rather, it was up to buyers to decide whether to comply with an artist's royalty policy. However, this was later expanded to include royalties with a minimum fee of 0.5%.
OpenSea reportedly needed new collections to prevent Blur from receiving forced royalties. The latter then tried to circumvent this blacklist by developing a new marketplace based on OpenSea's Seaport protocol. The goal was to allow creators to receive full royalties on both platforms.
Last November, OpenSea unveiled collections that called for enforced royalties that must block marketplaces that don't fully recognize them.
NFT sales volume skyrocketed in February this year, reaching levels not seen since Terra's implosion. Blur was the main contributor to the increase. It surpassed OpenSea in trading volume.
Allegations of market manipulation
Blur's trading volume rose to over $1 billion in February. Although the numbers have since declined, the volume was reportedly generated by a small number of whales flipping NFTs back and forth to collect BLUR tokens via the company's incentive system.
Cryptoslam, a leading platform for tracking NFT sales, called it would remove $577 million worth of Blur trades from its data, citing “market manipulation.”
It further revealed that 80.5% of Blur's sales volume since February 14th was wash trading. In contrast, wash trading accounted for just 2.6% of OpenSea's sales volume over the same period.
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