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DappRadar revealed some interesting information about the ongoing OpenSea vs Blur war.
- Blur is dominating NFT volume this year with a 65% market share
- OpenSea is struggling to keep up with Blur’s disruptive style
- Zero royalties and lucrative airdrops propelled Blur to the top
Who is winning the war between OpenSea and Blur?
As of May 2023, Blur has established itself as the top dog in NFT marketplaces. It commands an impressive 65% market share thanks to its $442m in sales. The controversial exchange disrupted NFTs with its zero royalty fee platform and airdrop campaigns that rewarded customer loyalty.
In contrast, OpenSea struggled. The former heavyweight tallied revenue of $183m, good for a 27% market share. OpenSea struggled to keep pace with Blur’s disruptive stance towards the market. At first, OpenSea was slow to peel back creator royalties in fear of industry blowback. Once it started losing traffic to Blur, however, OpenSea changed its approach and also began offering zero royalty fees to customers.
The move backfired, unfortunately. The NFT community condemned OpenSea for abandoning its ethos by robbing creators of their royalties. Also, thanks to Blur’s massive airdrop campaigns, it didn’t help OpenSea to stop the bleeding in its battle vs Blur.
Interestingly, despite Blur’s dominance, OpenSea still boasts the largest number of traders, totaling 377,087, compared to Blur’s 36,673, showcasing a staggering tenfold difference. In all likelihood, much of Blur’s volume comes from whales washing trading NFTs to earn airdrop rewards. So even if they have fewer traders overall, it’s not surprising that Blur’s volume dwarfs OpenSea’s given that Blur is incentivizing traders to use the platform with free money.
What does the future hold for OpenSea and Blur?
It’s impossible to say who will between in the Blur vs OpenSea fight at this point. Blur’s ability to rise out of nothingness and become the biggest player in NFTs demonstrates how new and unpredictable the space really is. Web3 technology is evolving at a blistering pace. With that comes the realization that no competitive advantage is safe for long– the innovative nature of the space can create a bridge over any moat.