The NFT market continues to decline, with three key metrics—trading volume, transaction count, and active users—hitting multi-year lows. According to SeaLaunch's data dashboard, on April 19, NFT marketwide users and transactions plummeted to their lowest levels in over a year, signaling waning interest from both casual collectors and professional traders. Blue-chip projects like BAYC and Azuki have seen floor prices steadily erode, while BendDAO's liquidation events recur weekly. Even Franklin, a once-prominent NFT whale, has capitulated amid the downturn.
Despite these challenges, major NFT marketplaces like Blur and OpenSea persist, adapting their strategies to stay afloat. This article—the first in a series examining NFT trading platforms—focuses on their evolution in the post-royalty era.
Blur’s Strategic Ascent
Phase 1–3: Incentivizing Market Shifts
Blur’s strategy as a trading aggregator has been methodical:
- Historical User Rewards: Captured competitors’ users by airdropping tokens to past traders.
- Listing Incentives: Boosted seller liquidity by encouraging NFT listings on its platform.
- Bid Pool Innovation: Introduced point-to-pool trading via Bid Pools, enhancing buyer liquidity.
Key milestones:
- Art Gobblers Battle: In November, Blur matched OpenSea’s trading volume (43% vs. 52%) for this hyped collection, proving its seller incentives worked.
- Royalty War Victory: After enforcing full royalties for creators disabling OpenSea, Blur pressured OpenSea to slash fees to 0.5%, cementing its dominance.
👉 Discover how Bid Pools revolutionized NFT trading
Challenges Beneath the Surface
The "Organic Illusion"
Blur’s post-hoc incentives masked low genuine demand. In Q1 2023, Bid Pools became tools for whale manipulation:
- Whales set moving bid walls to exploit thin profit margins.
- Floor prices turned volatile, squeezing retail traders.
OpenSea’s Countermove: Pro Platform
OpenSea’s Gem acquisition rebranded as OpenSea Pro, adopting Blur’s zero-fee model and Bid Walls. Despite initial traction:
- Combined OpenSea/Pro volumes still trail Blur by 50%.
- Pro’s Gemesis NFT airdrop (valued at ~$60+) showcased a new "Airdrop-as-Drop" distribution model.
FAQ: Navigating the NFT Winter
Q: Why did Blur win the royalty war?
A: By enforcing creator royalties and undercutting OpenSea’s fees, Blur aligned traders against its rival.
Q: Is OpenSea Pro a threat to Blur?
A: Not yet—Blur’s liquidity lead and aggressive incentives keep it ahead, but Pro’s aggregation tools are gaining parity.
Q: How are whales exploiting Bid Pools?
A: With double-points incentives in Season 2, whales manipulate prices via fake bid walls, destabilizing floors.
👉 Explore NFT trading strategies post-royalty era
Conclusion: Adapt or Collapse
Both platforms face existential hurdles—Blur with artificial liquidity, OpenSea with shrinking relevance. Yet their mutual mimicry (Pro’s trader focus, Blur’s art-market ambitions) hints at a path forward. The next piece will examine emerging dark horses like Sudoswap and X2Y2.