Tides Shift in NFT Market, BLUR Token Activity Rises on Gate.io
BLUR, the native token of the NFT marketplace Blur, completed its first airdrop and began trading on several crypto exchanges, with BLUR trading volume on Gate.io reaching upwards of $16 million less than 24 hours after launch.
Emerging seemingly out of nowhere during a time of declining volume on established NFT marketplaces like OpenSea and LooksRare, Blur has rapidly come to contest the long-established stomping grounds of NFT traders and creators.
Blur set itself apart from the others by offering a cheaper, faster, and more user-friendly experience that appeals to users. In addition, Blur’s zero transaction fees and the anticipated airdrop of BLUR tokens to users with trading activity on its platform made it a magnet for NFT traders.
A battle for NFT market share
The NFT marketplace landscape has become increasingly competitive in the past few years, primarily in 2022, when several new marketplaces gained popularity by offering better incentives and lower fees than their well-established counterparts.
As explained on Gate Learn in an article on NFT marketplace trends, the shifting of dominance is credited to the “vampire attack” strategy, among other things, which has become a common trend for emerging marketplaces. The article covers this strategy in greater detail, along with the history and evolution of NFT platforms; it’s a good read for anyone looking to stay in the loop.
Looking ahead
Competition between NFT platforms to meet the changing expectations of traders and creators is helping to mature the non-fungible space, leading to a renewed interest in the NFT market. Blur’s growing popularity and rapid emergence were among the main driving forces in the recent comeback of the NFT market, which reached an 8-month high of $1 billion trading volume this January.
This competition comes at a time when traders have more options and tools than ever at their disposal to help them analyze and identify trends, resulting in a more robust trading experience. As the Gate Learn article mentioned, “these tools have the potential to increase the chances of finding profitable opportunities in the market, and they are creating a new paradigm in the way the NFT market is being analyzed and understood.”
Given the right bullish conditions in the crypto market, the growing interest in NFT marketplaces and their native tokens could continue through 2023. Additionally, the success of new alternative trading platforms, like Blur, in such a short timeframe is a sign that the market share is growing increasingly liquid.
