Battle for Market Share on Fungible Token (NFT) creators and collectors have risen to new levels.
A zero-fee platform, according to speculation on Twitter Ambiguity A loophole has been discovered by leading platform OpenSea to circumvent blocked collections – intensifying competition between the two markets.
BREAKING: Blur makes game-changing move to evade OpenSea’s blacklisting controls
As stated in the airdrop announcement, Blur is trying new things for an unprecedented launch.
How they did it & the impact their move has on the NFT market, esp. For creators and entrepreneurs pic.twitter.com/19aLLMRfKg
— Panda Jackson (@pandajackson42) January 30, 2023
On Monday, Twitter user “Panda Jackson” posted a Twitter thread sharing details of the hole, explaining that the blur created a new market in Seaport. A protocol published by OpenSea in May 2022. Including OpenSea and a few other markets A partial NFT platform Tessera and the ApeCoin marketplace are built on the Seaport protocol.
Panda Jackson Seaport-based Blur’s new Marketplace feature noted that it could list collections with mandated royalties on the market because they weren’t included in the original blacklist.
Following the royalty debate in November, OpenSea clarified his position One with and built by creators Royalty enforcement tool Its trading volume approaches that of OpenSea – including Blur – to prevent creators from listing their collections on marketplaces that don’t honor creator royalties.
With the current loophole, Dim can avoid OpenSea’s blacklisting rule. This means that collections previously not allowed to list on Blur’s royalty-preferred markets can now list these NFTs, threatening OpenSea’s share of overall trading volume.
once again @blur_io Continues to progress
It’s hard for me to think about using another market again🤷♂️ pic.twitter.com/dmHPFzOSpn
— Bagman (@0xBagman) January 28, 2023
Evidence of a hole is visible in a dim market. For example, in January, NFT Goliath Yuka Labs opened its long-awaited Sewage Pass Mint And the code is included in the collection’s smart contracts that prevent tokens from being listed on marketplaces that don’t honor creator royalties.
According to dim data, buyers can now buy sewer pass in the market. It is important to note that Sewerage Pass NFTs are marked with a “Allowed” tab, which means that the full royalties are being processed with a diminution in collection.
While Blur has always had a royalty-only model, its new feature challenges the very structure that draws so many users to the platform. Panda Jackson told CoinDesk that the loophole is, in fact, a win-win situation for creators and collectors.
“Because creators can enforce royalties in two large markets at once, revenue for creators can increase and more creators can join the space,” Panda Jackson said. “All players will benefit from this.”
NFT Royalty or Revenue?
Mangal, this Introduced in October 2022 has positioned itself on the map as a no-fee market suitable for professional NFT traders. A single trade in its first days fetched around 1,160 ETH, or more than $1.8 million. It has surged past rival marketplaces like Sudoswap and LuxRare to challenge OpenSea for the top spot.
However, the timing of Blur’s release raised questions among creators in the space There was a royalty conversation Full swing. In August, the market X2Y2 switched to a royalty-preferred model, followed by leading Solana-based market Magic Eden in October. This raised an outcry from the area Artists in spaceThey argued that markets try to drain their profits and make creativity more commoditized.
In early December, X2Y2 And Magic Eden Changed to the original model of compulsory royalties. However, the diminutive continued to press on and held the second-largest trading volume below OpenSea for at least the past month. According to data platform Dune Analytics.
Crypto community bracing for BLUR token issuance
While the timing of the diminutive project appears timely in the wake of the Sewer Pass hype, there is also excitement surrounding the prospect. Introduced its governance protocol and native token, BLUR. For the past several months, Blur has been airdropping the token to merchants who bought Ethereum-based NFTs on the market.
Dim is set to launch its token early this month. However, it has recently set February 14 as the new date to gear up for the release.
“We’re trying new things, and the extra two weeks will allow us to deliver a release that wasn’t done before.” Blurred out in a tweet.
The views and opinions expressed herein are those of the author and those of Nasdaq, Inc.