Blur bid incentives skew market, lead to offers on NFTs above 'buy now' prices
Blur's bidding-incentive model appears to be leading to an environment where buyers on the NFT marketplace are offering more than the asking price for items in collections. The rise of Blur — which has eclipsed other marketplaces' trading volume since its launch in October of last year — came on the back of its capitalizing on the activity of pro traders.
As of the time of writing, if you wanted to buy a Doodles NFT, the top bid for more than ten items in that collection sits at 5.07 ETH (about $7,900), whereas the 'buy now' price is 5.03 ETH. It's the same story for other collections, including Bored Ape Yacht Club, Azuki and Moonbird NFTs. When a bid is made on a listed item, the seller has to accept it before the transaction goes through — whereas a buyer would trigger the transaction for the 'buy now' items. Of course, the fees tacked onto a transaction set against the rewards for listing and bidding may mean the reverse arbitrage of the current market might not be as bad as it looks.
Source
@Facebook_Metaverse_Nfts
