Blur Wins OpenSea In Royalties In March, Reaching $12.6 Million

Key Points:

• Blur surpassed OpenSea in royalties paid to creators in March, reaching $12.6 million, up from $11.2 million in February.
• By comparison, OpenSea’s royalties fell from $17.3 million to $9.9 million.
• Currently, Blur has advantages to stand on par with OpenSea.

With the meteoric ascent of the NFT marketplace and aggregator Blur in recent weeks and months, OpenSea today finds itself in an awkward and unusual position: it now has a serious contender for the title of NFT marketplace leader.

Blur overtook OpenSea in March royalties paid to authors, hitting $12.6 million, up from $11.2 million in February, according to The Block statistics. OpenSea’s royalties dropped from $17.3 million to $9.9 million.

Considering OpenSea’s past dominance, the figures seem to have reversed. Blur has garnered a huge amount of trading activity using a number of strategies and is currently on pace with the main exchange OpenSea.

Blur is an NFT marketplace and aggregator in one. The project announced in March 2022 that it would receive $11 million in a seed round sponsored by Paradigm.

The marketplace has been under a lot of pressure from the massive OpenSea since its inception. Blur approaches the problem of commissions between NFT artists and purchasers from a different angle. OpenSea demands a high fee to safeguard NFT artists, while it prefers greater freedom and allows NFT developers to opt out of setting a commission.

OpenSea said in November 2022 that it would prohibit NFT collections from being placed on exchanges that do not allow commissions, such as Blur. If it continues to refuse payments, OpenSea needs additional collections to stop it. The marketplace has been banned, and users are unable to trade commission-free NFTs.

OpenSea Pro was released earlier this month. A marketplace aggregator based on Gem v2, which OpenSea has been running since it purchased Gem in April 2022. Yet, getting people to OpenSea remains a challenge.

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Harold

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