The NFT market appears to be highly volatile as interest in the field has been inconsistent. However, the performance of Blur Blend could signal a turnaround in the tides. Data gleaned from Blue Blend could be promising for Ethereum and NFT enthusiasts.
All About the Blur
According to DappRadar data, Blur Blend has seen a significant increase in the total amount of credit within 22 days of its launch. Specifically, credits soared from 4,200 Ether (ETH) to 169,900 ETH, representing a substantial 82% share of NFT lending activity.
At press time, the average daily user count on Blur (BLUR) was 306, representing a 64% increase since the protocol’s inception. NFT collections such as CryptoPunks, Azuki, and Milady Maker have substantially contributed to the credit growth on the platform.
According to data provided by NFTGO, the number of addresses holding CryptoPunks has increased in recent weeks. Additionally, the transaction volume increased by 71.25% in the last 24 hours, a notable movement in the NFT market which had been deemed nearly forgotten.
Milady Maker, a recently popular NFT collection, has observed growth levels comparable to CryptoPunks. According to Dapp Radar, the total number of unique active wallets holding Milady Maker increased by 34.31% last week.
Will Ethereum Benefit?
The popularity and increasing use cases of these NFTs could have a positive impact on Ethereum (ETH). The reason could be that the top-tier blue chip NFTs are predominantly deployed on the network.
According to Artemis data, the number of daily active addresses on the Ethereum network increased from 246,000 to 336,110 within a few weeks. As a result, transaction activity also increased. Consequently, gas usage increased in parallel with general NFT transactions. Now, it remains to be seen whether the interest in Ethereum NFTs will remain consistent.
