For the first time since May 2022, the market for non-fungible tokens (NFTs) built on the Ethereum blockchain has hit $1 billion. This indicates that the NFT market may be recovering.
NFT marketplace Blur has surpassed the once-largest NFT marketplace OpenSea in monthly volume for the third month in a straight, coinciding with the recent rebound in the market as the cryptocurrency community tackles the matter of NFT creator royalties. This month also saw the release of the much-anticipated Blur token airdrop, which gave out over 360 million tokens to consumers. This amounts to about 12% of all Blur tokens that will be created for the project.
Many people believed that once the airdrop lure had expired, Blur activity would decline. Instead, the market’s activity level (measured by the number of deals made) kept rising. As a direct result of Blur’s stratospheric rise in the NFT sector, royalty issues have once again been a topic of controversy. Due to Blur’s strong stance in recent quarters, when it was in the lead for NFT markets, OpenSea has shifted its approach. This is due to the fact that OpenSea tried to find a middle ground with respect to the distribution of royalties.
Many people view Blur’s 0.5% licensing fee for the NFT marketplace as being so small that it’s effectively meaningless.
Content Source: techcrunch.com