The NFT market has stagnated recently, with trade volumes and investor interest falling. On-chain data supplier Glassnode claims that a new NFT marketplace named Blur is revitalizing industry activity, nevertheless.
The well-known NFT marketplace OpenSea, which seems to be increasing in popularity amongst NFT buyers and sellers, is directly competed by Blur. The website offers an easy-to-use design, reasonable costs, and a burgeoning community of knowledgeable buyers, sellers, and collectors.
Data from Glassnode shows that over the past few months, Blur has seen a growth in the number of unique customers and sellers. Moreover, with a $169.44 million 24-hour trading volume, the Blur token’s circulating market cap has grown to as much as $331.51 million.
The NFT Marketplace is Being Reshaped
The gas usage from NFT transactions on the Ethereum platform has risen during the previous two months, according to Glassnode. At now, the cost of gas is 38 gwei on average. With a rise of between 10 and 20 gwei, this statistic is noticeably higher than it was nine months ago.
The NFT market’s trading volume in 2022 showed modest growth. Even high collections at the time began to fall off dramatically, which led to various investigations noting that the market was rife with wash trading and empty promises. The biggest NFT marketplace, OpenSea, was forced to reduce employee capacity in June 2022 as a result of macroeconomic difficulties and a bear market.
The Market can not Compete with Blur is Expansion
Despite its efforts to compete with Blur‘s substantial expansion, the market has been unable to do so. According to a study, Blur has made a commitment to building a community of seasoned traders, an upgrade above the collectors and makers that OpenSea had as its primary market.
The average number of trades executed by users on the Blur platform each day is 4-5, which is much more than the average of 2 trades each day on the OpenSea network.
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