The NFT market may be finding its footing again as the market for non-fungible tokens on the Ethereum blockchain surpassed $1 billion for the first time since May 2022.
Amid the recent rebound, NFT marketplace Blur has also bested the once-largest NFT marketplace OpenSea in monthly volume for the third month in a row as the crypto market debates the issue of NFT creator royalties. Earlier this month, Blur also released its highly anticipated token airdrop, which disbursed about 360 million Blur tokens to users, or about 12% of the project’s total supply.
Many speculated that Blur activity would fall off after its airdrop lure concluded. Instead, trading volume on the marketplace continued to grow. The rise of Blur in the NFT market has helped reignite a debate concerning royalties. In previous quarters, OpenSea tried to balance creator royalties as it held the top position for NFT marketplaces, but Blur’s aggressive stance is causing OpenSea to change its tack.
Blur’s NFT marketplace has a 0.5% royalty fee, which many view as so nominal it’s basically nothing.
“I get the sense that Blur is not necessarily anti-royalties,” Yat Siu, chairman of Animoca Brands, said to TechCrunch. “But what Blur is doing, and other marketplaces are doing as well, is trying to capture market share.”