The Block Crypto News16 minutes ago

Published on July 16, 2024 20:01 GMT+00:00edited on July 16, 2024 20:04 GMT+00:00

The non-fungible token market continues to navigate choppy waters in 2024, with June volumes hitting $300 million — a far cry from January's high of $867 million. This decline reflects broader market trends, with NFTs feeling the pinch as one of the more speculative assets in the crypto ecosystem. 

Despite the overall downturn, the battle for marketplace dominance is heating up again, offering a fascinating glimpse into evolving trader preferences and platform strategies.

Blur has long been the undisputed volume leader, consistently capturing 60% to 80% of the market share this year. The platform's success can be attributed to a few factors. 

• The BLUR token: This provided trading incentives and gave users a stake in the platform's success, fostering a loyal community.