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Ethereum NFT trading volume surpassed $1 billion for the first time since May 2022, driven by Blur's rise and a heated debate over creator royalties.
Trading volume for non-fungible tokens on the Ethereum blockchain has surpassed $1 billion for the first time since May 2022, signaling a potential rebound for the sector [1]. This resurgence coincides with a shift in market dominance, as the platform Blur has outperformed the once-largest marketplace OpenSea in monthly volume for three consecutive months [1]. The competition has intensified a debate within the crypto industry regarding NFT creator royalties [1].
Key takeaways
Blur achieved an all-time high in monthly volume for February at $1.06 billion, representing 73.6% of the $1.44 billion total volume across all Ethereum NFT marketplaces, according to data from The Block [1]. By comparison, OpenSea recorded $259.75 million in volume for the same month, a significant decrease from its peak of approximately $4.8 billion in January 2022 [1]. The data from The Block filters out wash trading to provide accurate figures [1].
The rise of Blur follows its release of a highly anticipated token airdrop, which distributed about 360 million tokens, or 12% of the project’s total supply, earlier in the month [1]. While some speculated that trading activity would decline after the airdrop, volume on the marketplace instead continued to grow [1]. Blur currently charges a 0.5% royalty fee, a rate viewed by many as nominal [1].
The competition between platforms has led to significant changes in fee structures. On February 17, OpenSea announced it would drop its 2.5% transaction fee to zero for a "limited time," a shift from the typical 5% to 10% royalty fees seen in the previous year [1]. This move comes as Blur’s aggressive market capture strategy forces established players to adjust their tactics [1].
Yat Siu, chairman of Animoca Brands, suggested that Blur’s actions are primarily focused on capturing market share rather than opposing royalties entirely [1]. Animoca Brands, a web3 conglomerate that has backed over 380 companies including OpenSea, introduced three NFT licenses designed to require payment of creator royalties as a condition for receiving licenses [1]. Siu criticized the trend of marketplaces setting creator fees to zero, arguing it is against the principles of liberty and web3, and warned that such practices could lead to monopolies where platforms dictate terms [1].
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An open edition is an NFT with no limit on the number of copies that can be minted, provided the minting occurs within a specific time frame set by the creator.
Competition has risen as platforms like Blur gain market share by offering lower royalty fees, forcing established marketplaces like OpenSea to adjust their strategies.
There is no industry-wide mandate; while some companies like Animoca Brands advocate for royalties through licensing conditions, other marketplaces like Blur have implemented nominal royalty structures to capture market share.
The surge in volume has renewed excitement in the NFT space, but the "royalties war" raises concerns about the long-term sustainability of creator income [1]. Siu argues that zero fees are not sustainable because platforms will inevitably seek alternative revenue streams, such as selling data or advertising, similar to Web 2.0 models [1]. He suggests that solutions may involve recurring revenue models or marketplaces staying true to communities by respecting and protecting royalties, noting that people are willing to pay a premium for companies they believe in [1]. The outcome of this conflict will likely determine whether pricing power remains decentralized with creators or becomes consolidated with major platforms [1].
Once the designated time frame—typically 24 to 72 hours—elapses, no further editions of that specific NFT can be minted.