- OpenSea’s trading volume market share plunged from 44% to a little over 14% in 10 days.
- Blur edged out OpenSea in regards to the overall variety of trades also, recording 56% of the marketplace share.
OpenSea had actually been struck hard due to the fact that of the Blur [BLUR] storm that swept the NFT market community. According to a tweet, more than 13k addresses canceled all their orders on OpenSea in the previous week.
An overall of 13.6 k wallet addresses canceled their OpenSea orders in the previous week due to Blur’s commitment program, which is practically 5-6 times the historic average. According to @andrewhong5297 Dune. https://t.co/DWP0jFZ7TD pic.twitter.com/mSZJcfcfrL
— Wu Blockchain (@WuBlockchain) February 26, 2023
A Dune Analytics scientist believed that this might be due to Blur’s loyalty program revealed the recently, where more than 300 million tokens would be dispersed to neighborhood members who will choose Blur over other markets.
Even after making significant modifications in its market policy such as ditching service charge, OpenSea was unable to acquire the self-confidence of users back.
OpenSea deals with rough waters!
At the time of composing, OpenSea’s share in the overall trading volume throughout markets plunged from 44% prior to the launch of the BLUR token to a little over 14% since 24 February, information from Dune Analytics exposed.
As shown in the chart listed below, Blur’s volume took off given that the launch of its token, increasing by more than 7 times.
Source: Dune Analytics
Well, surprisingly, OpenSea was struck hard however it began to reveal indications of healing in its everyday active users and income from 19 February. Blur’s commitment program statement on 22 February stopped its climb once again, information from Token Terminal revealed.
With OpenSea successfully cutting off its main source of income by dropping charges, it stays to be seen which other opportunities would be checked out to increase the earnings.tweet Source: Token Terminal
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