Nfts
Blur’s 3-week market share sets new record in June
Blur, the largest non-fungible token (NFT) marketplace by trading volume, recorded its highest three-week market share among platforms supporting Ethereum NFTs, according to data from The block.
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 dominated the market for years.
However, despite market share gains, June is on track to be the worst month of the year so far in terms of US dollar sales. As of this writing, Blur has processed NFT transactions worth $214.5 million, according to data from TheBlock. This is a 24% decline from the $282 million in sales recorded in May.
Since January, when Blur had its best month in almost a year, monthly sales volume has never increased so far, with the indicator down for the sixth consecutive month.
Can OpenSea regain market share?
It is interesting to note that although blur remains the dominant force, Open Sea shows its teeth at the end of the month. On June 26, OpenSea exceeds 24-hour volume blur only on the third day of the last three months.
This may not be an occasional occurrence. Recently, Blast, a fast-growing layer 2 for Ethereum, launched its Explosion Token.
Blast is a crypto project backed by the Blur team, and market users were attracted by generous incentives ahead of the token’s launch.
With Blast now live, rewards on Blur have decreased, potentially incentivizing users to explore other NFT platforms like OpenSea. Meanwhile, OpenSea continues to have the the largest number of traders.
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