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DappRadar revealed some interesting information about the ongoing OpenSea vs Blur war.
As of May 2023, Blur has established itself as the top dog in NFT marketplaces. It has an impressive 65% market share thanks to its $442 million in sales. The controversial exchange disrupted NFTs with its zero royalty platform and airdrop campaigns that rewarded customer loyalty.
In contrast, OpenSea struggled. The former heavyweight had revenue of $183 million, good for a 27% market share. OpenSea struggled to keep up with Blur’s disruptive attitude to the market. At first, OpenSea was slow to withdraw royalties to creators for fear of industry backlash. However, once it started losing traffic to Blur, OpenSea changed its approach and also started offering zero royalty fees to customers.
Unfortunately, the move backfired. The NFT community condemned OpenSea for abandoning its ethos by robbing creators of their royalties. Thanks to Blur’s massive airdrop campaigns, OpenSea also didn’t help stop the bleeding in the fight against Blur.
Interestingly, despite Blur’s dominance, OpenSea still has the largest number of traders, totaling 377,087, compared to Blur’s 36,673, showing a staggering tenfold difference. In all likelihood, much of Blur’s volume comes from whales laundering trades in NFTs to earn airdrop rewards. So while they have fewer traders overall, it’s not surprising that Blur’s volume dwarfs OpenSea’s given that Blur encourages traders to use the platform with free money.
It’s impossible to say who will stand between in the Blur vs OpenSea match at this point. Blur’s ability to rise from nothing and become the biggest player in NFTs shows how new and unpredictable the space really is. Web3 technology is developing at a furious pace. With that comes the realization that no competitive advantage is secure for long – the innovative nature of the space can create a bridge over any moat.