NFT Marketplace Blur Overtakes OpenSea
An unprecedented event has recently occurred in the non-fungible token (NFT) market – Blur, a platform specializing in digital art and collectibles, has surpassed OpenSea and become the quickest-growing NFT marketplace. This boom of Blur created enormous anticipation for its BLUR token to potentially launch an impending bullish rally that could significantly affect investors’ portfolios.
Blur’s Ethereum NFT Surged 361%
The NFT market has recently been abuzz with news of Blur’s outrageous sales figures. According to DappRadar, Ethereum-based NFT trades have rocketed by 361% over the past week, generating a remarkable $460 million in revenue. Comparatively, OpenSea experienced only a small 12% rise in trading volume at only $107 million during that time frame.
Amazingly, Ethereum NFT trading volume has skyrocketed by a whopping 155% in the last week, according to CryptoSlam. This surge is likely due to Blur’s generous BLUR governance tokens giveaway at the end of autumn, which went out to traders who engaged with their platform or other exchange sites.
Despite this, the spike in trading volume at Blur appears to be driven more by big traders with hefty NFT portfolios, who are now flipping their NFTs at an accelerated rate compared to before. This is likely intended to further increase potential future token reward allocations.
On the Other Hand, Blur Token Prices Are Quite Volatile
Despite the increase in trading volume and the platform’s overall growth, the Blur token has faced substantial downward volatility due to OpenSea’s decision to discourage royalty fees across all platforms. This choice has made BLUR’s value incredibly unsteady over time.
The current (Feb. 22) BLUR token value is $0.97, a troubling 12% decline over the last 24 hours. Unfortunately, chart analysis of BLUR is currently complicated since it either lacks sufficient data on major exchanges or isn’t even listed there. Nevertheless, its price has plummeted from an earlier high of $1.3 – creating a significant support level near the one-dollar mark.
All indicators are pointing to a potential bullish breakout for the BLUR token, as the RSI-14 and Stochastic RSI have moved into an encouraging region. The next 24 hours will be crucial in verifying this uptrend on BLUR’s price chart, with any momentum sustained below 23.6% Fib level potentially leading up towards EMA-100 at $1.16– which could induce long positions and considerable trading volume that could eventually push its value all the way to $1.5 due to its success rate!
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