Quick take:
- Blur registered a transaction volume of 13,476.4 ETH ~$24.6 million on Wednesday.
- The newly launched NFT platform offers pro traders an opportunity to trade NFTs from multiple marketplaces.
- The platform is backed by Paradigm Capital among other leading web3 VCs.
Newly launched NFT aggregator platform Blur has on Wednesday registered a transaction volume of 13,476.4 ETH ~$24.6 million. The significant rise in volume came hot on the heels of Tuesday’s sales value of more than $17.6 million and Monday’s equivalent of about $13 million.
Overall, Blur’s transaction volume this week has already surpassed $55 million with four days to spare.
The platform is specially created for professional traders. One of its strongest sell points is the speed in processing requests compared to OpenSea’s GEM, as illustrated on the Blur website.
What’s behind Blur’s spiking volume?
While its unique focus on pro traders can be credited for helping drive the sales volume higher, Blur also seems to have benefitted from the recent launch of the Art Gobblers NFT collection on Monday.
The collection is created by Justin Roiland, the co-creator of the popular sci-fi comedy series Rick & Morty. Art Gobblers has been highly promoted by influencers whom reports suggest received free NFTs from the collection.
Dune Analytics dashboard builder @Sealaunch thinks there could be a multitude of factors responsible for the recent spike in transaction volume.
The first one is incentive arbitrage as users increase their activity on the platform to try to qualify for the recently announced airdrops.
Secondly, and the one point that I strongly agree with is the launch of Art Gobblers whose transaction volume is approaching $50 million according to CryptoSlam data.
And then, of course, there is the unique design of the product, another sentiment that I strongly agree with. The Blur NFT platform has been one of the most exciting products in the NFT space since launching in Beta.
The NFT aggregator marketplace was attracting high-volume traders before its public launch on October 20.
Since October 20, Blur has literally taken lead in the NFT aggregator space, substantially dominating its close competitors, GEM, Genie and X2Y2.
As of November 3, 2022, Blur accounted for more than 72% of the total transaction volume by NFT aggregator platforms.
Blur vs X2Y2
Last week, Blur was blocked from using NFT listings from the X2Y2 platform after “violating” terms of service.
X2Y2 received backlash from Blur users who accused it of trying to stifle the pro-trader-focused NFT platform’s growth.
But looking at the graphics below, it is clear why X2Y2 felt it was necessary to take measures to prevent an exodus of users from its platform to Blur.
Over the last two weeks, Blur has been gaining a larger share of the market against X2Y2 in terms of transaction volume, unique users, and the number of sales.
Blur vs OpenSea
In fact, Blur’s rapid rise in popularity has seen it overtake the world’s largest NFT marketplace OpenSea by daily ETH volume on Wednesday.
Blur’s early-adopter-centred incentives may be partly driving transaction volume through wash trading. The company has promised to reward its traders with the $BLUR token scheduled for launch in early 2023.
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