Blur Overtakes OpenSea as Ethereum NFT Trading Skyrockets

Daily Market Wrap

• Crypto market cap: USD 1.13T, up 2.40%
• BTC price stands at? USD 24,923.29, up 2.03%
• ETH price stands at? USD 1,704.42, up 1.18%
• Top gainer: Conflux(CFX),? up 56.66%
• Top loser: SingularityNET(AGIX), down 1.00%

News of the Day

Blur Overtakes OpenSea as Ethereum NFT Trading Skyrockets

Why it matters:?

• Following two straight months of sales growth, NFT trading rapidly accelerated over the past week as Ethereum NFT volume more than doubled during that span. It’s due to an evolving market in which upstart marketplace Blur has overtaken leader OpenSea, with traders rapidly flipping valuable NFTs like they’re DeFi tokens.
• According to data from DappRadar, Blur has generated $460 million worth of Ethereum NFT trades over the past seven days—a 361% increase over the previous span. OpenSea, meanwhile, saw a 12% increase in trading volume to $107 million during that period. The third-place marketplace, X2Y2, tallied barely $11 million in trades in that time.
• The BLUR token has a market cap of $466 million, at its current price of $1.20 per token, and it appears that at least some NFT collectors poured their airdropped funds back into buying NFTs. And they’re primarily using Blur to buy and sell NFTs, as the market data shows.

Crypto Daily Spotlight

Bitcoin layer2 Stacks Network up 50% in 24 hours

Brief introduction: Stacks co-founder Muneeb Ali said its STX token is the first-ever token offering qualified by the U.S. SEC. Stacks is a Bitcoin L2 network with a separate ledger to store data outside Bitcoin L1. The network allows developers to build a decentralized application (dApps) similar to those on other smart contract-enabled blockchains like Ethereum and Solana.

Why it matters:?

• Bitcoin (BTC) layer 2 (L2) network Stacks Network (STX) has risen by around 50% in the last 24 hours to $0.58533. The surge in price follows the renewed interest in non-fungible tokens (NFTs) on Bitcoin’s network. According to available data, over 100,000 inscriptions have been made on the Ordinal Protocol.?
• Stacks co-founder Muneeb Ali said its STX token is the first-ever token offering qualified by the U.S. Securities and Exchange Commission (SEC). The token incentivizes miners and participants in the Stacks bitcoin (sBTC) system. Ali revealed that Stacks already has an active community of artists and creators on the L2 network.?
• The developer said the total value of assets locked within the smart contract has already crossed $250 million, and the network has given out 2,200 BTC rewards to participants. According to Ali, we are still in the early days of decentralized finance for Bitcoin.?

Daily Sector Tracker

Daily News Roundup

1. BingChatGPT ‘pump and dump’ tokens emerging by the dozen: PeckShield
2. Hong Kong’s crypto ambition gets subtle nod from Beijing
3. Huobi crypto exchange aims to expand to Hong Kong amid regulatory changes
4. FTX Japan Users Can Resume Withdrawing Funds Tomorrow
5. Number of Bitcoin Whales Drops to Lowest Level Since 2019

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