Aaryamann Shrivastava
FXStreet
- More changes to the NFT marketplace noted moving to optional creator earnings (0.5% min) for all collections.
- NFT marketplace Blur has overtaken OpenSea in terms of weekly transaction volume.
- BAYC NFT collection’s native token Apecoin (APE), noted a sharp 7% increase in the price value.
While the fight to become the biggest NFT collection has not come to an end, the fight for the biggest NFT marketplace is on the rise. OpenSea is finally facing some challenges in its authority in the NFT market from the recently launched “pro-NFT trading” marketplace Blur.
OpenSea future becomes Blur-ry!
As reported by FXStreet, the weekly transactions processed by these two NFT marketplaces differ greatly in volume. While OpenSea is responsible for almost 23% dominance over the market, processing trades worth a little over $73 million. The brand-new marketplace processed nearly $207 million worth of transactions resulting in the overtake noted in the last few weeks.
Observing this rapid change in investor loyalty, OpenSea decided to take some steps in the direction that would ensure retainment. In the early hours of Saturday, the NFT marketplace announced that it would be reducing its trading fee to 0% for a limited time. In addition to this OpenSea is moving to optional creator earnings (0.5% min) for all collections without on-chain enforcement (old & new).
11/ This is the start of a new era for OpenSea. We’re excited to test this model and find the right balance of incentives and motivations for all ecosystem participants – creators, collectors, and power buyers and sellers.
— OpenSea (@opensea) February 17, 2023
This is expected to bring back the recent trades and money OpenSea lost to Blur, which could gain more now that its native token launched. However, the biggest impact was noted by something beyond the confines of the marketplaces.
ApeCoin takes the lead
Amongst the top DeFi tokens is the ApeCoin, the native cryptocurrency of the Bored Ape Yacht Club (BAYC) NFT collection. Considered to be the biggest NFT token as well, APE noted a boost in price soon after OpenSea’s announcement.
APE/USD 1-day chart
The value of the cryptocurrency shot up by a little more than 8% to bring APE to trade at $5.57, rising from $5.16. Whether the increase in price will sustain over the next few trading sessions is yet to be seen, as the market is currently vulnerable to corrections just as much as it is to a normal momentum.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin extends correction below the $60,000 level
Bitcoin extends correction and erases Friday’s gains after being unable to hold above the psychologically important $60,000 level over the weekend. Since Saturday’s opening, BTC erased nearly 3% of its value and trades near $58,500 at the time of writing on Monday.
PEPE slides as whales lose interest, traders engage in profit-taking
PEPE (PEPE) posts losses for a third consecutive session on Monday as on-chain metrics show a sharp decline in large-volume transactions from whales and a spike in profit-taking in the last six days.
European crypto fund founder calls Tether $118 billion scam
Founder of Cyber Capital, Europe’s oldest crypto fund, criticized Tether for their reserves and said there has been no audit since 2021. In a tweet thread on X, Justin Bons supports his stance on the stablecoin firm with statistics.
XRP re-listing on Robinhood could fuel double-digit price rally, push XRP to $0.66
Ripple (XRP) is back on the commission-free exchange Robinhood per the official website of the platform. Users can currently watch XRP price chart, the altcoin is yet to be listed for trading.
Bitcoin: On the road to $60,000
Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.