To override its rival, Blur, OpenSea has lowered its fees and modified creator royalties. Regardless, the newcomer marketplace continues overpassing OpenSea, thanks to airdropping $300M worth of tokens to “loyal traders” and offering other perks.
Quick Take:
- Blur surpasses OpenSea in NFT trading, generating around $460M in Ethereum NFT trades over the past week.
- To continue dominating OpenSea, Blur launches “Season 2”, consisting of a loyalty program that rewards users with its governance token, BLUR, based on platform activity.
- Many new users enjoy Blur’s new reward incentive and flipping NFTs on the platform.
Blur vs. OpenSea – Why are Blur’s Secondary Sales Soaring?
NFT trading on Blur has increased in the past week after two consecutive months of sales growth. The volume of ETH NFTs on the platform has doubled, making the newcomer marketplace surpass OpenSea as leader.
According to data from DappRadar, Blur recently generated more than $460M in NFT trades, representing a 361% increase. During the same period, OpenSea’s trading was also on the rise — but not enough — with a 12% increase.
The volume increase occurred when Blur switched its platform to “Season 2” — opening up its new initiative for “loyal traders”. This includes distributing around $300M worth of its governance token, BLUR, as an airdrop to those who use the platform the most.
The secondary marketplace took to Twitter to share the good news about its new reward program:
Other actions to get to the top of the loyalty system to win some BLUR includes quote-tweeting about “Season 2” to increase loyalty scores. Though, it needs to be made clear which mechanisms the platform uses to link the two.
Listing blue-chip collections — like Bored Ape Yacht Club, Doodles, Azuki, and Gutter Cat Gang — also assists toward loyalty scores and advantages.
Many NFT collectors use the token funds to purchase more NFTs on Blur. Thus, it’s a win-win situation for the winning platform.
However, Blur’s boost in volume boils down to more than this new airdrop initiative. Many traders also enjoy flipping valuable NFTs on the platform — to boost token reward allocations in the future.
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