OpenSea faces rough waters as Blur storm shows no signs of abating

OpenSea faces rough waters as Blur storm shows no signs of abating

February 27, 2023

By Suzuki Shillsalot

OpenSea’s trading volume market share plunged from 44% to a little over 14% in 10 days.

Blur edged out OpenSea in terms of the total number of trades as well, capturing 56% of the market share.

OpenSea had been hit hard because of the Blur [BLUR] storm that swept the NFT marketplace ecosystem. According to a tweet, more than 13k addresses canceled all their orders on OpenSea in the past week.

A Dune Analytics researcher opined that this could be due to Blur’s loyalty program announced the last week, wherein more than 300 million tokens would be distributed to community members who will prefer Blur over other marketplaces.

Even after making major changes in its marketplace policy such as scrapping service fees, OpenSea was not able to gain the confidence of users back.

OpenSea faces rough waters!

At the time of writing, OpenSea’s share in the total trading volume across marketplaces plunged from 44% before the launch of the BLUR token to a little over 14% as of 24 February, data from Dune Analytics revealed.