Weekly NFT sales increased dramatically as zero-fee marketplace, Blur airdropped its token.
NFT sales increased this week following the Valentine’s day airdrop by Blur, the new NFT marketplace that is trending among many collectors.
Higher than the market leader
Blur’s trading volume surpassed that of Opensea within a short time of operation, raising expectations that better times are here for the non-fungible token market.
On February 14, Blur airdropped its token, contributing to the spike in NFT sales this week. This was confirmed by Yohann Calpu, chief marketing officer at CryptoSlam. He maintained that the Tuesday airdrop was the catalyst behind the surge in the demand for NFTs. According to him,
“Many traders who used the blur.io marketplace – which has taken significant market share from OpenSea’s NFT trading volume – received an airdrop of Blur tokens, which many sold to buy their favorite NFT projects,” Calpu said
In the 7-day period spanning February 10-16, global NFT sales rose by 8.5% with most of the sales recorded in the last two days being February 15 and 16, an indication that the Blur airdropped may have contributed to the flurry of activities in the market.
Data from CryptoSlam shows that there was an increase in the total weekly NFT sales from $280 million to $304 million when compared to the week before the Valentine’s day airdrop.
Topped daily sales record for NFT
The NFT aggregator website confirmed that Thursday sales of $92.9 million in NFT accounted for one-third of the sales volume for the week. This has beaten the record daily sale recorded in May 2022. Aa in the highest single day NFT sales volume.
The data further shows that the average price of non-fungible tokens sold on Thursday also increased by 265% to $463. On Tuesday, the average price was $175.
Blur attracted users to its marketplace with its zero-fee regimen. Users have 60 days to claim the tokens that the platform airdropped on Tuesday. The token which traded at just 9 cents at the time of reporting has shown signs of good prospects.
Volume traded on Blur has surpassed that of the market leader, OpenSea. Over the course of a month, Blur’s volume reached $471.7 million, which is tens of million more than what obtained at Opensea which recorded a trading volume of $448.9 million according to DappRadar data.