<\/p>\n
The once dominant marketplace is rapidly losing its market share to Blur.<\/strong><\/em><\/p>\n According to the DappRadar industry report<\/a>, NFTs are making a strong start to the year. Unfortunately, the same can\u2019t be said about the NFT marketplace Opensea. Indeed, the secondary marketplace which dominated for so long is now watching its prominence disappear. Conversely, Opensea\u2019s rivals Blur seem to be doing everything right.\u00a0<\/p>\n During the first quarter, Opensea recorded a 31% market share in terms of NFT trading volume. However, during the month of March, Opensea\u2019s trading volume decreased by 35% to $381 million, which gave them just 22% of the market share.\u00a0<\/p>\n That\u2019s the smallest market share for Opensea since February 2021.\u00a0<\/p>\n As for Blur, they recorded an impressive 57% of the market share in Q1 2023. Furthermore, Blur\u2019s trading volume of $2.7 billion was a 783% increase from the previous quarter.\u00a0<\/p>\n In summary, Blur is skyrocketing in popularity<\/a>, whilst Opensea is plummeting in its significance.<\/p>\n Let\u2019s look at the reasons why Blur<\/a> is doing so well. Firstly, the marketplace is offering fresh, unique features to the market. For example, Blur rewards traders with free token airdrops based on how often they trade. Consequently, this is inspiring traders to use Blur\u2019s marketplace. In addition, Blur is rewarding its loyal customers, who only trade on its marketplace<\/a>.\u00a0<\/p>\n On the other hand, Opensea is declining in popularity and hasn\u2019t had an answer for Blur\u2019s bullish tactics. In fact, Opensea was widely denounced for cutting its royalty fees for artists \u2013 a move made in response to Blur\u2019s increasing grip on the market.\u00a0<\/p>\n Another notable takeaway from DappRadar\u2019s industry report is the dominance of blockchain gaming. Indeed, blockchain gaming accounts for 45% of all on-chain activity.<\/p>\n This goes hand-in-hand with Polygon\u2019s bullish start to the year. According to the quarterly data, Polygon\u2019s trading volume in Q1 2023 was $85 million, which is an increase of 125% from the previous quarter.\u00a0<\/p>\nChanging of the guard<\/strong><\/h2>\n
Polygon on the up<\/strong><\/h2>\n