Ascendant NFT Marketplace, Blurdeclared war on major NFT markets, high seasIn a statement released on February 15, Blur promised to enforce full royalties on creators for all collections that block trading on OpenSea. , in retaliation for what Blur calls OpenSea’s “Noncompetitive Practices” I believe it was an attempt to hurt the young NFT market.
We updated our loyalty policy yesterday. Here’s the blog post that accompanies it: It was scheduled to be released yesterday, but due to the launch turmoil, it was not possible until now. https://t.co/jeRcQYkvAr
— Blur (@blur_io) February 15, 2023
In a blog post, Blur’s team describes the policy change as a defensive survival tactic. “Creators who whitelist both OpenSea and Blur should be able to earn royalties on both platforms.” before adding “Today, OpenSea automatically makes royalties an option when it detects a transaction on Blur. We welcome OpenSea to discontinue this policy so that new collections can earn royalties everywhere.”
Blur launched last October and has grown rapidly to become a major challenger to OpenSea’s dominance. Part of that growth has been driven by incentives to draw traders into the market. For example, the recent airdrop of the BLUR token has been tailored to attract traders to the platform and has worked to some extent. can be attributed to wash trades.
Another incentive was to make creator royalties optional during the height of the NFT bear market to encourage trading on the platform. With several marketplaces following suit, OpenSea tinkered with the idea before succumbing to creators’ protests, and he introduced tools that allow creators to block NFTs from trading on marketplaces that don’t respect royalties.
OpenSea policy hurts ambiguity
This undermines Blur’s appeal to NFT artists, especially since royalties for high-profile collections can generate millions of dollars in revenue. Currently, the platform only enforces a minimum creator royalty of 0.5%. However, traders can pay more if desired. This pales in comparison to OpenSea, where creators can claim 5% to 10% on secondary sales of their work.
Their decision to return to OpenSea has been welcomed by some users who see it as an inevitable consequence of OpenSea’s initial aggressive move. It’s not clear how long Blur will be able to sustain its newfound popularity following its wildly successful airdrop, but the market is looking to capitalize on it by addressing perceived past injustices. seems to be leaning towards
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Basil is an avid fan of blockchain technology and all its innovations, and is passionate about sharing this story with his audience. He has spent over five years in the crypto space, specializing in research and creating his Web3 content for various media outlets around the world.