Blur token has enjoyed a 15% spike in value in the past 24 hours. According to Coinmarketcap, the token has experienced a 43% price surge over the weekend and is showing a unique bullish sign.
Price Surge Attributed To Recent Development
Blur has emerged as a strong competitor to the popular NFT marketplace OpenSea. Its strong price movement in recent days can be traced to recent developments toward consolidating its position in the NFT sector.
Earlier in the week, Blur announced that it would modify the royalty policies earned by NFT creators on its platform. Among these changes, the NFT platform will impose full royalties on collections that block trade on Opensea.
Related Reading: A Botched Heist: A Look At The Sloppy $8.5M Hack On Platypus Protocol
This means that NFT creators can put a royalty rate of their choice if they do not allow their pieces to be traded on the Opensea marketplace. According to the press release, this move was necessary due to the competition from OpeanSea. OpenSea utilized a similar policy that automatically sets royalties as optional when it detects transactions on other platforms.
It further noted that OpenSea benefits from creators blocking Blur transactions even though they claim it was not the primary motivation behind the policy. With this move, Blur intends to attract more users to its platforms by enabling full royalties on collections.
Royalties are earnings that creators get from the secondary sales of their NFTs. On Blur, the minimum royalty is 0.5%, and creators can opt for higher royalties, while in Opensea, they can be between 5 and 10% but can only be accrued from sales on its platform.
Blur Popularity Continues To Increase
Blur has experienced immense growth since its launch, with many NFT creators and traders switching to its platform. The NFT marketplace revealed on February 14 that more than $1.2 billion worth of NFTs had been transacted on its platform.
One of the driving forces was the airdrop campaign that recently concluded. Blur airdropped its native token, which enables users to participate in the governance of its protocol. This move led to the massive hype that has allowed the NFT marketplace to thrive.
Related Reading: Blur Token Airdrop Spikes Ethereum Gas Prices And Burn
Blur is an Ethereum non-fungible token (NFT) marketplace backed by the investment company Paradigm. It is focused on web3 projects —a model that proposes that users own the content and generate profits. For many, it is one of the strongest candidates to compete with OpenSea, the leading market in the field.
Blur Price Analysis
Blur token has continued to recover steadily since its launch, which saw its token dip from $5 to $0.60 primarily due to the airdrop. At the time of writing, it is trading for $1.30 and is moving towards its next resistance level of $1.5. In addition, its daily trading volume is hovering at $500 million in the last 24 hours, according to data from Coinmarketcap.
Featured image from Unsplash, Chart from TradingView
