Blur emerges as the new OpenSea competitor among Ethereum NFT marketplaces – CryptoMode
NFT marketplaces continue to struggle to attract more users and sales. Although their monthly volumes are still decent, the lower ETH price does not necessarily trigger a buying frenzy. Still, no one can threaten OpenSea’s market position, even if Blur makes a valiant effort.
NFT marketplaces are starting to compete again thanks to blurring
There are several crucial metrics to determine the current health of the NFT industry. An obvious alternative is to look at the primary KPIs of the non-fungible token marketplaces. The Dune dashboard here checking OpenSea, Genie, Gem, LooksRare, Blur, X2Y2 and “others” for volume, sales, unique users, etc. Each metric tells a story and will help determine how people today approach non-fungible tokens.
The good news is that there is a strong increase in ETH volume across all marketplaces. Although the value of Ether is still very volatile, people still consider NFTs as an alternative investment option. That does not mean that non-fungible tokens make good investments, as they will eventually lose value. But in uncertain times, they can help keep portfolios afloat.
Compared to August 1, the volume doubled in October 2022. That is a remarkable growth, given the bearish crypto market conditions. Interestingly, volume on OpenSea fell slightly compared to September, as did trading on “other” marketplaces. X2Y2 saw a healthy ETH volume increase, as did Gem and Blur. It’s an exciting development, especially with Blur recording monster volume in November (so far).
Unfortunately, it also means that Genie has remained virtually invisible on the map. There is a strong need for competition among NFT marketplaces. However, it seems unlikely that Genie will reach Gem, LooksRare or Blur levels in the future. However, stranger things can happen in this industry. It will largely depend on how people approach the NFT industry going forward.
Unique users and sales waivers
The unique users across NFT marketplaces and the total sales are two other crucial metrics. October wasn’t a terrible month across the board, but unique users were down a bit – mainly on “other” platforms and OpenSea – while up spectacularly for Blur. That helps to explain why that marketplace is recording strong momentum in total volume.
In addition, sales on Blur are recording a huge growth, although Gem also recorded an increase last month. November is a much quieter month for Genie, and LooksRare has all but disappeared, as has X2Y2. An interesting time for these trading platforms as interest remains low.
Overall, OpenSea dominates with 64.5% of all sales and more than 72% of users. It also represents almost 60% of the total ETH volume per month. It is a very dominant market position that will prove difficult to disrupt. Still, if Blur can maintain its growth, the competition will continue to heat up.
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