of NFT trading volume ethereum It surpassed $1 billion for the first time since May 2022. This was his third straight month of volume growth, and marks a turnaround for his NFT market, which was hit hard by last year’s recession.
data from Dapp Radar It shows that Blur is leading with over $1.3 billion in trading volume. Upstart his NFT marketplace is followed by OpenSea, which is less than a third of this figure with him at $442 million.
Interestingly, it is the competition between these two markets that drives NFT trading volume. Blur has done the most to displace OpenSea as a preferred destination for NFT traders. doing.
First, we have eliminated the obligation to pay creator royalties, which is the source of income and motivation for creators. The ploy worked, and marketplaces such as OpenSea followed suit. However, Blur’s 0.5% royalty fee is considered nominal and has caused controversy within the NFT marketplace industry. This decision does not sit well with influential figures within the Web3 community. According to Yat Siu, chairman of Animoca Brands, creator royalties must be protected at all costs.
Speaking to the press, he said: “I feel like Blur isn’t necessarily anti-royalty.” But what they and other marketplaces are doing is “We are trying to gain market share.”
Blur’s reward structure boosted NFT trading volume
Blur has also introduced the $BLUR token reward strategy to lure collectors onto its platform. This worked like magic and traders rushed to make the most of the opportunity. The first token arrived last month and the user earned his BLUR of $360 million. The platform then announced plans to drop another $300 million in tokens to prolific traders.
Unfortunately, it has been shown that most of Blur’s trading volume may be the result of wash trading, as traders compete to increase their reward allocations. As of February, crypto slamIt is the leading NFT tracking platform.It misrepresents the current NFT market and puts traders who frequently follow the rising action of projects at risk. ”
💥CryptoSlam Update: Sorting out wash trades
⚡️We are taking steps to retroactively remove close to $500 million of wash trades and are applying an updated algorithm to prevent future wash trades.
⚡️This happens after they take similar actions https://t.co/ArHdTqRe08… https://t.co/9OHvQKhgLe
— Cryptoslam! (@cryptoslamio) February 24, 2023
Volume growth is good for the NFT market, but these latest numbers should be taken with a grain of salt.
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*All investment/financial opinions expressed by NFT PLAZA are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.
Basil is an avid fan of blockchain technology and all its innovations, and is passionate about sharing this story with his audience. He has spent his 5+ years in the crypto space, specializing in research and creating his Web3 content for various media outlets around the world.
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