As NFTs continue to find their place in the wider world, a battle for market share is playing out between two of the biggest players in the space: OpenSea and Blur. Since its launch in 2017, OpenSea, the world’s largest NFT marketplace, has had a virtual monopoly. However, Blur, a newer player in the space, has closed the gap on the market leaders with a wide range of new features.
OpenSea was one of the first NFT marketplaces, allowing users to buy and sell digital assets using Ethereum. It offers users a wide variety of options, including collectibles, art, music, videos, and gaming items. Blur, on the other hand, is a newer platform that enables users to buy and sell assets on the Ethereum blockchain. It has several unique features, including an onboard aggregator and sniping tools. As a result, Blur is quickly becoming a serious competitor to OpenSea and other platforms.
What is driving the competition?
OpenSea and Blur are two of the leading Ethereum-based NFT marketplaces, and both have experienced significant surge in sales over the past few months. In the past 30 days, the top five NFT projects by volume on OpenSea included Sewer Pass, Memes by 6529, Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Checks—VV Edition. While Blur’s top five included MAYC, Azuki, BoredApeKennelClub, BAYC, and Otherdeed for Otherside.
As of writing, the medium market cap for Blur’s top five NFT collections was 270,109 ETH, significantly higher than OpenSea’s 94,400 ETH. Therefore, suggesting that pro traders are choosing to use Blur in favor of legacy platform, OpenSea.
Overall, OpenSea and Blur have established themselves as two of the leading NFT marketplaces in the Ethereum ecosystem. Blur has had more success with its high-volume collections, but OpenSea still has a wider reach overall. As the NFT sector continues to grow and attract more users, we can expect to see further competition between the two marketplaces.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
NFT and Web3 Ambassador. Bullish on all things Blockchain.