Blur, the largest non-fungible token (NFT) marketplace by trading volume, experienced its highest three-week market share among platforms that support Ethereum NFTs, according to data from TheBlock.
During the three weeks from June 2 to June 23, Blur’s market share was 77.86%, 81.39%, and 79.44%, respectively. In the first week of 2024, Blur’s weekly volume share reached a record high of 82.78%. However, its three-week dominance peaked in June 2024.
Blur has become the largest NFT marketplace on Ethereum since the first half of 2023, dethroning OpenSea, which had been dominating the market for years.
However, despite gaining market share, June is poised to be the worst month of the year so far in terms of USD sales. As of this writing, Blur has handled $214.5 million worth of NFT trades, TheBlock data shows. This is down 24% from $282 million in sales registered in May.
Starting with January, when Blur experienced its best month in almost a year, monthly volume sales have never increased so far, with the indicator dropping for the sixth-consecutive month.
Can OpenSea Recover Market Share?
Interestingly, while Blur remains the dominant force, OpenSea is showing its teeth at the end of the month. On June 26, OpenSea surpassed Blur in 24-hour volume for only the third day during the last three months.
This may not be an occasional occurrence. Recently, Blast, a fast-growing layer 2 for Ethereum, launched its Blast token.
Blast is a crypto project backed by the Blur team, and the marketplace users have been attracted by generous incentives before the launch of the token.
With Blast now live, rewards on Blur have declined, potentially prompting users to explore other NFT platforms like OpenSea. Meanwhile, OpenSea continues to have the highest number of traders.
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