Opensea and Blur Compete for NFT Market Dominance through Creator Royalties

Opensea and Blur Compete for NFT Market Dominance through Creator Royalties
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Check out the NFT sales highlights ranking between 13 February and 19 February, 2023

The race for market leadership between Blur and OpenSea is intensifying, but it is clear that the former has the upper hand at the moment. With the arrival of the BLUR token airdrop and the royalty adjustment, the Blur NFT marketplace topped $400 million in volume in a week, putting it firmly at the top of the industry. Subsequently, OpenSea relaxed its royalty policy to counter the loss of market share. Read on to learn more big stories in the NFT space over the past week.

OpenSea announces fee and royalty changes

Following Blur’s recent token airdrop and royalty policy updates, OpenSea responded with reduced fees and adjustments for its on-chain royalties. However, this didn’t stop Blur from surpassing OpenSea regarding the trading volume and platform activities. 

In the past 24 hours, Blur has traded nearly $100 million, quadrupling OpenSea’s trading volume. Furthermore, Blur has generated over $400 million in trading volume over the last 7 days, 3.85 times more than its biggest competitor.

On 18 February, OpenSea announced significant changes to its fee structure as it struggled with the rapid rise of Blur. These changes include a temporary reduction of fees to 0%, a shift to optional creator earnings for collections without on-chain enforcement, and the removal of operator filters that block marketplaces with the same policies. 

Such changes aim to provide creators with more flexibility and choices so that they have maximum exposure and sales opportunities for their content. 

Is OpenSea’s move to keep up with the NFT market competition or a desperate move forced by the challenging situation?

Looking at Blur’s latest business model, its bidding mechanism and token airdrop can keep NFT bids around the floor price, thus making NFT trading in a more orderly manner. Moreover, rewards effectively attract traders, which in turn increases NFT liquidity and willingness to trade. BLUR tokens have been climbing in price since its airdrop. At the time of writing, BLUR is trading at $1.28.

On the other hand, Blur is aggressively pushing for major NFT marketplaces to join a more open market environment, that is, not blocking each other. As a result, more sales opportunities will be available for creators.

Although Blur claims to prioritize the needs of creators, its strategy appears appealing to traders, resulting in traders flocking to its platform. With buyer demand concentrated on Blur, sellers are naturally more willing to supply content to the platform. 

In terms of data, Blur’s combined strategies have effectively driven growth on the platform.

A snapshot of noteworthy trends in the NFT space

Nouns’ trading activity spikes due to whales’ swipe for Blur airdrop

Nouns has experienced remarkable growth in trading activity in the past week. The project has seen a 3,037% increase in trading volume, amounting to $4.05 million. In addition, there has been a 600% increase in the number of traders and a massive 2,900% rise in sales.

It is worth noting, however, that Nouns has not made any significant project updates. Based on data tracked by DappRadar, it appears that Nouns has become a target of whale activity for Blur Season 2. This may be due to the project’s high floor price and zero royalties.

On February 18th, Nouns experienced a single-day record high of 1,624 ETH and 60 transactions. Nevertheless, many trades have been conducted by a few wallets through the Blur Bid Pool. You can view the assets held in these wallets on DappRadar via the links below.

Moonbirds launches Lunar Society

Moonbirds has recently unveiled the Lunar Society (formerly known as the DAO). This new society aims to nurture the growth and development of the Moonbirds and Mythics brands while also providing funding for community-driven projects. 

Boasting a $2 million seed fund in ETH and USDC, the Lunar Society will also receive a 35% share of net royalty revenue from secondary sales of its NFT collections. 

By leveraging these resources, the Lunar Society aims to raise the profile of the Moonbirds brand in the Web3 community, while also creating products and experiences that directly benefit token holders. Notably, proposals can only be submitted by Moonbirds or Mythics holders, and the Lunar Society will open for proposal submissions on February 28th, with the first vote to be held in the week of March 13th.

The collection has seen an impressive surge in its 7-day trading volume, totaling $32.59 million, an increase of 775%. This is coupled with an equally remarkable boost in one-week sales, reaching 2,642, with a growth of 693%.

Azuki puts more effort into building the BEANZ IP

Azuki puts emphasis on building and promoting its BEANZ intellectual property, as it recently launched two new BEANZ-based characters, Jay and Jelly. Fans of Azuki are encouraged to follow the BEANZOfficial social media account for the latest updates. This move highlights the project’s commitment to growing the BEANZ brand.

BEANZ, with a current floor price of 1.66 ETH, offers a more appealing entry point into the AZUKI ecosystem compared to Azuki’s 15.18 ETH floor price.

The affordable floor price and the potential for brand growth may have fuelled the demand for BEANZ. As a result, BEANZ has seen a remarkable surge in its trading volume, totaling $25.03 million, a significant increase of 1,094%. The platform has also attracted more traders, with a 355.1% increase, bringing the total to 2,544.

Check out the list of NFT sales highlights

N.B. Dollar values given are correct at the time of sale.

Every week, DappRadar highlights not only the most expensive NFT sales but also the most interesting in the previous seven days. While huge numbers are sure to capture headlines, it’s also essential to highlight emerging trends and keep the DappRadar community ahead.

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