NFT owners have been rocked by the recent showdown between Blur and OpenSea. The most significant milestone coming when Blur surpassed OpenSea in daily ETH trading volumes, leading to OpenSea dropping its minimum royalty requirement to boost trading volumes. We’ve been monitoring this action closely, and think that there are a number of key takeaways.
Perhaps they can take a lesson from another Blur. In 1995, the media dubbed the showdown between rock bands Blur and Oasis the ‘Battle of Britpop’. Blur would ultimately come out on top, with their single ‘Country House’ outselling Oasis’ single ‘Roll with it’. However, in the following years Oasis would surpass Blur as the faces of Britpop, winning the war- but not too long after Oasis would break apart as well. Blur and OpenSea need to be careful and keep their eye on long-term trends rather than implement knee-jerk short-term policies that could weaken their position or NFTs in the long run- they need to think about the war, not the battle.
Blur and OpenSea should look to Stratisphere, which has a number of core strengths which position it in good stead for the long-term:
- Stratisphere is feeless. Recently, OpenSea dropped its minimum royalty threshold in the hopes of driving up more business, but many speculate they will raise this again should the resolidify their position as the largest platform. Clearly the relative market power of OpenSea has been negative for the community, leading to higher fees and less trades, which disadvantages the whole sector
- Stratisphere allows trading in multiple currencies (STRAX and ETH), allowing listers to trade on their terms
- Stratisphere is a sustainable platform which still ensures security and decentralisation. A proof of authority consensus mechanism powers the Stratis blockchain, leading to 99% less energy consumption than most chains. NFTs need to be environmentally sustainable if they are to grow- and we are ahead of the game on this.
Less fees, accepting more tokens and sustainability must be at the core of all marketplaces. Blur’s sudden rise proves that NFT owners want more from marketplaces and are willing to move to a new marketplace if their needs are not met. Team Stratisphere will continue to watch these developments closely, and hope competition leaves a stronger sector. If you want to list your NFTs, why not try Stratisphere?