The NFT market has seen a significant increase in activity over the past month, primarily driven by the Blur market. Ethereum-based NFT transactions reached $605 million in November, up nearly 100% from $306 million in October, according to The Block’s data dashboard. This trend has continued into December, with trading volume for the month already approaching $90 million, with nearly $70 million coming from Blur transactions.
Since February, Blur has seen a significant shift in market share, surpassing OpenSea and now accounting for approximately 80% of all Ethereum-based NFT trading volume. Once dominant, OpenSea now has just 17% market share. Additionally, Solana-based NFT marketplaces have seen a notable increase in transactions, with Tensor leading the way with more than $5 million in daily transaction volume as of November 30.
Launched in October 2022, Blur emerged as a free NFT marketplace for professional NFT traders. Innovative features such as real-time price feeds, portfolio management, and multi-market NFT comparisons set Blur apart in the competitive NFT space. BLUR, the native token of the Blur Marketplace, has seen an incredible 100% increase over the past month, reaching price growth expectations of $1.
On December 3, the Ethereum NFT market saw a surge in trading volume, reaching $34.786 million, the highest since June 29. Blur dominates with 80% share, ahead of OpenSea with 18%. Notable NFT collections including Pudgy Penguins, Azuki, and Milady have experienced significant increases during this period.
OpenSea, once the largest NFT marketplace, is facing challenges including reducing its workforce by 50%. Despite these challenges, the introduction of “OpenSea 2.0” aims to improve fundamental aspects of the platform. However, recent developments, including Tiger Global reducing its stakes in Bored Ape Yacht Club and OpenSea, indicate difficult market conditions for the former market leader.
Despite growing demand for Blur’s NFT marketplace, BLUR’s governance token has experienced a 20% price drop over the past seven days. This decline is due to a sharp decline in demand, with transaction volumes falling by 99%. The decline in demand for BLUR was influenced by lower profits from trading, as evidenced by the 7-day MVRV ratio and P&L trading ratio.
While demand and price for BLUR have been falling, network activity on the Blur NFT market has increased over the past week. Unique active wallets completing transactions increased to 19,000, weekly transactions increased by 24% and the fiat value of all transactions increased by 25%, reaching a total of $145 million. Meanwhile, the supply of BLUR on exchanges increased, causing token holders to sell, further increasing downward price pressure.