The Blur token has enjoyed a 15% rise in value over the past 24 hours. According Coinmarketcapthe token saw a 43% price increase over the weekend and is showing a unique bullish sign.
Price increase attributed to recent growth
Blur has emerged as a strong competitor to the popular OpenSea NFT marketplace. Its strong price movement in recent days can be traced to recent developments in consolidating its position in the NFT sector.
Earlier in the week, Blur announced that it will modify the rights policies NFT creators earn on their platform. Among these changes, the NFT platform will impose full rights on collections that block trading on Opensea.
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This means that NFT creators can charge a royalty rate of their choice if they don’t allow their pieces to be traded on the Opensea market. According to the press release, this move was necessary due to competition from OpeanSea. OpenSea used a similar policy that automatically sets permissions as optional when it detects transactions on other platforms.
He also noted that OpenSea benefits from creators blocking Blur transactions, even though they claim that was not the main motivation behind the policy. With this move, Blur intends to attract more users to its platforms by allowing full exploitation rights to collections.
Royalties are profits creators receive from secondary sales of their NFTs. At Blur, the minimum royalties are 0.5% and creators can opt for higher royalties, while at Opensea, it can be between 5 and 10%, but can only be collected from sales on its platform.
Blur’s popularity continues to grow
Blur has seen tremendous growth since its launch, with many NFT creators and traders switching to its platform. The NFT market revealed on February 14 that more than $1.2 billion worth of NFT trades had taken place on its platform.
One of the driving forces was the recently concluded airdrop campaign. Blur released its native token, which allows users to participate in the governance of its protocol. This move led to the massive hype that allowed the NFT market to thrive.
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Blur is an Ethereum non-fungible token (NFT) market backed by investment firm Paradigm. It focuses on web3 projects — a model that suggests 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 sector.
Blur value analysis
The Blur token has continued to recover steadily since its launch, which saw its token drop from $5 to $0.60 mainly due to the airdrop. At the time of writing, it is trading at $1.30 and moving towards its next resistance level at $1.5. In addition, its daily trading volume has hovered around $500 million in the past 24 hours, according to data from Coinmarketcap.
Featured image from Unsplash, chart from TradingView