Binance Blur: NFT Marketplace
Buy and sell on the Spot market with advanced tools
Increase your profits with leverage
Buy & sell cryptocurrencies using bank transfer and 800+ options
Convert & Block Trade
The easiest way to trade at all sizes
Trading Bots
Trade smarter with our various automated strategies – easy, fast and reliable
Copy Trading
Follow the most popular traders
Unlimited opportunities with one key
USDⓈ-M Futures
Contracts settled in USDT and USDC
COIN-M Futures
Contracts settled in cryptocurrency
USDT Options with limited downside and affordable entry
Stay informed with everything crypto
Academy (Learn & Earn)
Earn crypto by learning about blockchain
Expand your knowledge and get the latest insights
Institutional-grade analysis, in-depth insights, and more
VIP & Institutional
Your trusted digital asset platform for VIPs and institutions
Launchpad & Launchpool
Discover and gain access to new token launches
Mining Pool
Mine more rewards by connecting to the pool
Send, receive and spend crypto
Get an instant loan secured by crypto assets
Explore NFTs from creators worldwide
Discover an all-new fandom and unlock unlimited fan experiences
Web3 Wallet
Meet the next-generation Web3 wallet
The most popular blockchain to build your own dApp
Blockchain empowers charity to be more transparent, efficient, and traceable
The State of NFT Marketplaces
Binance Research (JieXuan Chua, CFA)
Mar 15th, 2023
- The entrants of several new NFT marketplaces over the past year have upended the status quo and challenged the market dominance of existing players.
- Blur, a relatively new NFT platform, has moved up the leadership board barely two months after their launch in mid-Oct. We analyzed their rise and attributed it to competitive strategies relating to their product, token incentive, airdrop design, and the team. It remains to be seen whether Blur will be able to sustain their lead when incentives taper.
- Given the fluidity of the market and the general lack of platform loyalty, the marketplace war is far from over. Notably, OpenSea has turned up the heat in their latest move to eliminate trading fees to compete with Blur. Nonetheless, the lack of token incentives (when $SEA?) makes it challenging to incentivize usage of the platform as OpenSea has to figure out other non-monetary ways to do so.
- Our view is that the next critical move in this fight for market share relates to royalty policies. While optional royalties increase price competitiveness of platforms, creators have been caught in the crossfire of this NFT marketplace battle. Optional royalty policies are not beneficial for the industry, nor sustainable for creators in the long run.
- In the ideal scenario, marketplaces, creators, and market participants should work out a middle ground that is beneficial for all – balancing considerations involving monetary incentives, fostering creators’ creativity, and long-term growth. Perhaps a decentralized marketplace is a potential solution that can allow for social consensus to be built and to align the interests of different stakeholders in a democratic manner.