The hype around the term ‘NFT’ in the cryptocurrency space has not stopped yet. According to a Statista report, NFT market capitalization is expected to reach $3.2 billion by 2027, at an annual CAGR of 18.55%. Can you imagine the growth of NFTs within a few years of introduction? This is because of people’s enthusiasm for these NFTs.
Thanks to this, many new NFT marketplaces are coming to the market and offering rare NFT collections. As rare NFT collections are listed, NFT marketplaces gain notoriety, global publicity, and higher transaction volume. But why do we need an NFT marketplace? NFT marketplaces help users easily sell, buy, list, or bid on NFTs.
By creating this NFT marketplace, many startups have earned huge profits from various streams. The NFT marketplaces currently dominating the cryptocurrency space are OpenSea and Blur. Launched in 2017, OpenSea is the pioneer of all NFT marketplaces. Blur is also a potential NFT marketplace competing with the OpenSea marketplace. Similar features are replicated in both NFT marketplaces, but what are the differences? Which is best, OpenSea or Blur?
If you want to know about them, this blog is for you…
OpenSea and Blur NFT Marketplace – Comparison
Every NFT marketplace has plugins, features, functionality, and security protocols. Interest in the NFT market varies depending on user choice, transaction volume, brand, and NFT collection. Therefore, the cryptocurrency space is so volatile that it is simply impossible to predict which NFT marketplace will attract users’ attention.
When you are in the situation you are in Create an NFT Marketplace, choosing the best business model is also an essential factor to focus on. Popular NFT marketplaces competing with each other are OpenSea and Blur. Although OpenSea and Blur NFT marketplaces are different due to some factors, let’s take a look at the basic differences between the two. Know clearly the differences and choose the best one for your business.
In addition to the criteria mentioned above, there are several other factors that will be discussed in this criteria. “OpenSea vs. Blur” subject. So, let’s analyze OpenSea and Blur Marketplace in detail from a business model perspective. Knowing this information will help you make the right choices for your NFT marketplace business.
effective features
Functionality is the backbone of an NFT marketplace. As effective features are integrated, NFT marketplaces occupy the first position. The NFT marketplace’s blockchain network is also an added benefit of its growth. In that sense, both OpenSea and Blur NFT Marketplace run on the Ethereum blockchain. The only difference is that OpenSea supports a variety of blockchain networks, while Blur only uses Ethereum-based tokens.
Also Know: Best Blockchains for Building an NFT Marketplace Platform
Comparing features, each NFT marketplace has unique features that attract users. The basic and essential features are trading, minting, auction and bidding options. OpenSea consists of unique features such as pre-order options, real-time mint overview, NFT futures, NFT pricing, secondary market, creator profits, and more.
Blur NFT Marketplace, on the other hand, offers a ‘sweep’ option that allows users to search for NFTs across various NFT marketplaces. It also provides users with sniping disclosures, advanced analytics, and low trading fees. The Blur Marketplace also has its own ‘Blur’ token, which is used for payment, governance, staking and redemption purposes.
market capitalization
The market capitalizations of OpenSea and Blur are competing and the statistics are highly volatile. Sometimes OpenSea gets the top position while Blur gets it simultaneously. Based on live data from March 2023, when Blur was in the spotlight, the total The trading volume of OpenSea and Blur is $39.5 billion and $2.8 billion. each. A completely drastic change between the two.
Nearly $51 million worth of transactions were executed on the OpenSea platform, while only $2 million worth of NFTs were traded on Blur. Blur’s market share has increased to 23.5% since launch, replacing MagicEden Marketplace. It gained more users, but only for a while. Blur marketplace has 38,300 monthly active users while OpenSea has 3,82,000 people actively trading on the platform. This shows the popularity and trust of users on the OpenSea NFT marketplace.
branding
Even if you are a beginner to NFTs, you will find the best NFT marketplace based on its reputation and branding. NFT marketplaces achieve branding in the cryptocurrency space through various aspects such as consistent success rate, rich features, offers, etc.
In that respect, OpenSea is a leading and popular NFT marketplace in the cryptocurrency space. All kinds of non-fungible tokens, from digital art to music albums, can be traded on this platform. With its features and security measures, OpenSea has garnered a large user base. Nearly 4 million NFTs have been listed on the platform.
Rather, Blur attracted more attention from users through its ‘no commission’ structure. You can issue, sell, and trade NFTs without charging fees. Blur Marketplace has $1.4 billion in trading volume in the cryptocurrency world. This is almost like receiving an additional benefit from having a brand among users.
revenue stream
A common misconception among newbie startups is that NFT marketplaces aren’t worth making money from. If you’re thinking that too, let it go. This is because NFT marketplaces earn more revenue through various streams such as transaction fees, staking fees, and premium offers.
OpenSea generates revenue through listing, trading, staking, and premium fees. OpenSea also generates revenue through secondary markets. When an NFT user resells a particular NFT on the platform, OpenSea charges a percentage fee.
The Blur NFT Marketplace does not charge users transaction fees and collects a 0.5% royalty fee from NFT creators. In secondary market collections, Blur does not follow OpenSea’s revenue stream. However, if your NFT collection stops selling, OpenSea can collect the full royalty fee.
Also Read: How Do NFT Marketplaces Make Money?
These are some of the things that make OpenSea different from the Blur NFT Marketplace.
We are tempted to choose the best option of the two, but it is none other than open sea.
Many would say that Blur has surpassed OpenSea’s transaction volume, user base, and hype within a short period of time since its introduction. But do you think this could help Blur win the cryptocurrency race? Not in our perception.
Then you can ask us a question…
What makes OpenSea unique in every way?
OpenSea NFT Marketplace is a pioneer among all other marketplaces. Additionally, most of OpenSea’s features are replicated in other NFT marketplaces. As the phrase says, “A star that shines brightly at first can quickly burn out.” Even if many NFT marketplaces move to first place in trading volume and market capitalization, they cannot compete with OpenSea.
Every NFT on the OpenSea Marketplace is not just digital art, it tells a unique story. OpenSea meets all the needs and demands of NFT traders and users. All NFT users take full advantage of potential features such as NFT futures, secondary markets, and revenue streams. That’s why OpenSea still maintains trust between its brand and users, even in many situations.
Beginner startups looking to create an NFT marketplace will likely prefer a business model like OpenSea. If you want to develop your own NFT marketplace, learn how to create a rich NFT marketplace.
Is it easy to create an NFT marketplace like OpenSea?
Developing an NFT marketplace becomes easy only if you choose the perfect solution. When we talk about easy creation, everyone thinks of reaching out to freelancers or blockchain developers. It may seem easy, but you will face many situations. The first is that the expertise and experience of freelancers in developing NFT marketplaces is unclear.
Technical bugs or errors may occur that may delay the launch of the NFT Marketplace. And freelancing costs $45 per hour (too much to spend). This may exceed your business budget. So, if you want to launch an NFT marketplace like OpenSea at a reasonable cost, use White Label or OpenSea Clone Script.
that much OpenSea’s White Label Solutions It is pre-built software with similar dashboard architecture, features, user interface, and functionality to OpenSea. Because it was previously developed, it’s simple to purchase, test, and run right away. There are numerous NFT marketplace script providers in the cryptocurrency space offering exponential OpenSea clone scripts. Analyze our years of experience, developer team, and customization opportunities to choose the best among them.
finish
Speaking of the best NFT marketplace cloning script providers on the market; Coin Clone It has been there for the past few years. Coinsclone has a team of top developers and experts with a high level of expertise and experience in developing amazing NFT marketplaces. We have provided nearly 250+ cryptocurrency projects to our customers’ satisfaction. Our team attaches more importance to the business needs and requirements of startups. Currently, many startups and entrepreneurs who have worked with us on projects are achieving greater success in the cryptocurrency space.
If you are still in the dilemma of choosing us. Leave your worries behind. Our team will provide a live demo of our NFT marketplace. A live demo will give you a clear look into our NFT marketplace development services. So, without another thought, join hands with us and deploy a rich NFT marketplace.