OpenSea Rival Blur is Reviving NFT Activity: Glassnode

Glassnode has released a report on how Blur is slowly revolutionizing the NFT economy on the blockchain. The firm noted a significant 94% increase in gas consumption from NFT-related transactions on Ethereum over the past two months, surpassing both FTX’s fallout in November, which was at 36Gwei and Binance’s bank run event. As a result, trading volumes and floor prices for top collections have plummeted, paving the way for a new NFT marketplace and aggregator, Blur. Despite moving to zero cost, no other platform has been able to beat Blur’s meteoric rise so far.

Blur has attracted traders, as opposed to developers and collectors like OpenSea. Typical users make four to five trades per day on the platform, compared to OpenSea’s average of just two per day. This higher sales frequency can create a flywheel effect, the report stated. Despite Blur’s growth, overall NFT adoption appears unaffected. The growth of new addresses on Ethereum is still 40% down from last February. However, the discovery of NFTs in December triggered a wave of adoption for its 2021 taproot upgrade. Stacks, another protocol that provides NFTs, has seen a 50% increase in the last week.

In conclusion, Blur’s success is a testament to the potential of the NFT market and its ability to attract new users. It is interesting to see how traders are driving the adoption of NFTs and how Blur is tapping into this trend. However, it remains to be seen how the NFT market will evolve in the long run and whether it will become more accessible to the broader public. Overall, the NFT market is an exciting space to watch, and it will be interesting to see how it develops in the coming months and years.

Leave a Reply

Your email address will not be published. Required fields are marked *