KEY POINTS
Leading non-fungible token (NFT) marketplace Blur has unveiled the integration of Blast, its Ethereum Layer-2 (L2) solution, along with introducing rewards for traders.
Blur users now have the option to switch to the Blast public chain for NFT trading within the marketplace.
In celebration of this integration, Blur has announced via an X (Twitter) post the allocation of two million Blast gold coins to Blur trading users.
Traders on Blur can earn coins through various activities — such as placing orders, bidding, and engaging in direct trading of Blast NFTs. These coins will be distributed upon redemption of Blast points.
Blast was initially introduced by Blur in 2023, following a $20 million funding round aimed at enhancing its marketplace ecosystem and launching the L2 solution.
Blur has long been a significant player in the NFT landscape, holding substantial market share. DappRadar data reveals that Blur ranks second only to OpenSea in terms of all-time trading volume. In 2023, the platform asserted dominance in Ethereum’s NFT market, capturing 77% of trading volume in December, outpacing rival OpenSea.
The competition between Blur and OpenSea dates back to early 2023 when OpenSea responded to Blur’s threat by reducing its marketplace fees to 0%.
Although Magic Eden briefly surpassed Blur in March, emerging as another competitor, Blur retained its dominance in Q1 2024, boasting a total volume of $1.5 billion.
These achievements are underpinned by Blur’s strategic initiatives, such as the introduction of “Blend” — a lending protocol supporting various collateral types, including NFTs. A recent report from CoinGecko revealed that Blend commands a 92.91% share of the NFT lending market, with a monthly lending volume reaching $562.33 million in March 2024.
