Blur Surpassed OpenSea In NFT Trading Volume With $400 Million In Just 1 Week

Key Points:

• Blur became the first NFT marketplace to surpass $100 million in 24-hour transaction volume since April 2022. Blur’s trading volume has been approximately 400 million USD over the last week.
• Yet, many people believe that Blur activities are really wash trade transactions used to fraudulently exaggerate trading volume in order to receive airdrops.

Following the token airdrop, the number of users and trading activity on NFT Blur increased, with the hope that the project will continue to airdrop more tokens.

According to DappRadar, the NFT trade volume on the Blur marketplace platform has topped $100 million in the last 24 hours. This is the first time since its inception in October 2022 that this NFT exchange has done so. Blur also surpassed a trading volume of $90 million in a single day on February 18. The platform’s trading volume has been approximately 400 million USD over the last week.

Importantly, the marektplace current transaction volume is 5 times that of OpenSea, the NFT marketplace that has dominated the NFT category from 2021 until the present. The reason for the advantage is that NFT investors continue to flock to Blur in the hopes of being eligible for a future token airdrop. The BLUR airdrop last week generated quite a stir in the crypto community, reviving interest in the NFT array.

Yet, many people believe that the platform activities are really wash trade transactions used to fraudulently exaggerate trading volume in order to receive airdrops. This is evidenced in the fact that, although having a 5-fold higher 24-hour transaction volume than OpenSea, the number of Blur users is barely half that. However, after reviewing the transaction data and reward circumstances of the previous airdrop, researcher Hildobby concluded that the wash trading rate on this marketplace is only 11%, which is lower than the average 40% of prior airdrops.

However, because the platform has not yet disclosed the requirements for getting future airdrops, it is still plausible that the current rise in trade volume was driven by those looking to farm the airdrop. The platform claims to spend up to 51% of its total supply of 3 billion BLUR on community allocation over the next 4-5 years, according to tokenomics. Last week, 12% of the overall supply, or 360 million BLUR, was airdropped.

After being significantly discounted from 5 USD to 0.5 USD during the airdrop and listing, the price of the BLUR token has gradually recovered and stabilized around 1.1 USD – 1.3 USD. The BLUR cryptocurrency has had over $600 million in trading volume in the previous 24 hours, with a market valuation of over $480 million.

The majority of the NFT investment community is optimistic about Blur’s prospects, predicting that it will be able to challenge OpenSea’s position, especially since this NFT marketplace recently “gives away” to pressure and announce free trading for a limited time, as well as allowing NFT creators to customize royalty fees and unblocking other NFT exchanges that do not respect royalty fees. In the last 24 hours, these adjustments have helped both the number of users and the transaction volume on OpenSea surge.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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