According to Dune Analytics, a blockchain data analytics platform, around 13,650 wallets have shifted to the Blur NFT marketplace from OpenSea within a few days. This may be due to Blur’s incentive program.
The incentive program has enticed these wallets to cancel their orders on OpenSea and migrate to Blur’s platform.
Dune Analytics Uncover Huge Migration From OpenSea To Blur
Andrew Hong, a top-level executive at Dune Analytics, confirmed this observation, citing the launch of Blur’s loyalty program as the probable cause. Blur introduced its loyalty initiative for its users on February 14th, 2023, to enhance its competitive edge against OpenSea.
The loyalty program was part of the company’s expansion strategy to overtake the once-unbeatable OpenSea marketplace. @DefiantNews tweeted, “following the removal of the fee that @opensea previously charged on trades, its competitor @blur_io wasted no time in capitalizing on the opportunity.”
Blur distributed over $300 million in airdrop to users as part of the launch.
OpenSea Struggling To Retain Top Spot In The NFT Space
According to Blur, it would implement the loyalty program throughout the current season, the platform’s second season. The company stated:
“The loyalty feature will incentivize users who demonstrate unwavering loyalty to the platform by supporting its success. Users who quoted Blur’s tweets and provided reasons for choosing the platform will also be eligible for rewards.”
Unfortunately, a recent report shows that OpenSea, the Ethereum-based NFT marketplace, is losing its grip in the NFT sector. Previously, the NFT marketplace attempted to regain market control by reducing its creators’ fees to 0%.
However, OpenSea still experienced wallet order cancellations, with most wallets moving to Blur. Migration data indicates that Blur is leading its main rival, OpenSea, this month.
The number of transactions on its platform has skyrocketed in the last four weeks. Despite being just four months old, Blur marketplace has captured an impressive 82% market share of the trading volume on Ethereum-built NFTs in the past seven days.
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