|

NFT token ApeCoin rallies by 8% as OpenSea announces zero fees in its rivalry against Blur

  • 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).

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

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.

Author

Aaryamann Shrivastava

Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.

More from Aaryamann Shrivastava
Share:

Editor's Picks

Ripple risks deeper decline toward $1.00

XRP clings to short-term support at $1.10, but persistent selling pressure leaves it vulnerable to a further 10% drop toward $1.00. XRP remains largely defined by a bearish technical structure, with major moving averages and momentum indicators edging lower.

Crypto Today: Bitcoin, Ethereum, XRP slide as capital outflows persist

The cryptocurrency market is experiencing broad-based declines on Tuesday, as Bitcoin retests support at $62,000, Ethereum extends losses toward $1,600, and Ripple remains anchored near the key $1.10 demand zone.

Bitcoin struggles amid renewed US-Iran peace uncertainty 

Bitcoin (BTC) trades below $63,000 at the time of writing on Tuesday as conflicting signals from the US and Iran regarding the progress of peace negotiations continue to fuel geopolitical uncertainty.

MiCA regulations could be the next bullish catalyst for crypto – Georg Harer, co-CEO at Bybit EU

The next bullish narrative for crypto could be MiCA regulations, which could drive liquidity from traditional markets, Bybit EU co-CEO Georg Harer says. Improved regulations could provide guardrails to avoid black swan events like Terra Luna and FTX, thereby limiting volatility.

Bitcoin: Recovery hopes fade after the Fed spoils the party
Bitcoin (BTC) is set to end the week in the red, trading near the 200-Week Simple Moving Average (SMA) at around $62,300 on Friday. Institutional selling persists, capping BTC’s recovery as spot Exchange Traded Funds (ETFs) point to a sixth consecutive week of outflows.