The Blur token is up 15% in the last 24 hours. In accordance with CoinmarketcapThe price of the token is up 43% over the weekend and is showing a unique bullish sign.
The rise in prices is explained by the recent development
Blur has become a strong competitor to the popular NFT market OpenSea. Its strong price movement in recent days can be traced to recent developments aimed at strengthening its position in the NFT sector.
Earlier this week Blur announced that it will change the royalty policy earned by NFT creators on its platform. Among these changes, the NFT platform will charge full royalties on collections that block trading on Opensea.
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This means NFT creators can set the royalty rate of their choice if they do not allow their creations to be traded on the Opensea marketplace. According to a press release, the move was necessary due to competition from OpenSea. OpenSea has used a similar policy that automatically sets royalties as optional when transactions are detected on other platforms.
It goes on to note that OpenSea benefits from creators blocking Blur transactions, although they argue that this was not the primary motivation for the policy. With this move, Blur intends to attract more users to its platforms by providing full collection royalties.
Royalties are the income that creators receive from secondary sales of their NFTs. Blur has a minimum royalty of 0.5% and creators can opt for a higher royalty, while Opensea can be between 5% and 10% but can only be earned from sales on its platform.
Blur’s popularity continues to grow
Blur has experienced tremendous growth since its launch and many NFT creators and traders have switched to its platform. On February 14, the NFT marketplace reported that over $1.2 billion worth of NFT transactions have been made on its platform.
One of the driving forces was the recently completed airdrop campaign. Blur has released its own token that allows users to participate in the governance of their protocol. This move led to massive hype that allowed the NFT market to flourish.
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Blur is an Ethereum non-fungible token (NFT) marketplace backed by investment firm Paradigm. It focuses on web3 projects, a model that assumes that users own the content and make a profit. For many, this is one of the strongest candidates to compete with OpenSea, the leading market in this area.
Blurring price analysis
The Blur token has continued to steadily recover since its launch when its token fell from $5 to $0.60 mainly due to a giveaway. At the time of writing, it is trading at $1.30 and moving towards the next $1.5 resistance level. In addition, its daily trading volume is hovering around $500 million over the past 24 hours, according to data from Coinmarketcap.
Featured image from Unsplash, chart from TradingView
Credit : www.newsbtc.com
