OpenSea competitor Blur is now slowly dominating the non-fungible on-chain economy, according to blockchain intelligence platform Glassnode.
according toreportExplained: Ethereum gas fees are getting more expensive, with the average transaction gas price rising to 38 gwei, compared to about 10 to 20 gwei in the past nine months. This was higher than the cost of gas during the FTX crash in November (36 gwei) and the Binance FUD news the following month (24 gwei) – both of which pushed gas prices higher.
“On closer examination… we can specify that The main source of this increase in network activity is the NFT market, which is another sign of growth,” Glassnode wrote.
NFTs are showing slow declining growth in 2022, both in trading volume and floor prices for popular collections. Various analyzes reveal that the NFT market is full of wash trading.
Meanwhile, OpenSea – the long-standing king of the NFT market – laid off 20% of its workforce in June. due to bear markets and macroeconomic pressures.
As for the Blur side that was released in October. It has begun owning 78% of NFT transfer volume by implementing a “zero trading fee model. along with paying additional royalties.”
Although OpenSea switched to waiving fees to fight back, it hasn’t been able to compete with Blur’s popularity, according to Glassnode, because Blur has attracted a community of professional traders. This is different from OpenSea’s former audience of “creators and collectors.”
The report also found that the average Blur user has four to five trades per day on the platform, compared to OpenSea’s average of two per user.
“With the extremely high selling frequency, many NFT sellers feel confident using Blur’s platform and attract more buyers,” the report states.
According to Glassnode, the growth of new wallet addresses on Ethereum remains at 40% compared to February last year. This means Blur’s users appear to be primarily existing Ethereum users. instead of a whole new network participant.
refer : LINK
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