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Price (USD)$ 0.5385
Circulating SupplyBLUR 417.93203M
Volume (24h)$ 105.48077M
Market Cap$ 224.99561M
Low/High 24h$ 0.5385 - $ 0.6057
Change (24h)-$ 0.056319
The crypto industry is diverse, with its landscape constantly changing. There is no shortage of NFT marketplaces, however, new companies keep emerging to become even more popular than their predecessors. One of them is Blur, a huge NFT marketplace. Non-fungible tokens (NFTs) are unique digital blockchain assets with a distinct digital identity and ownership. Unlike traditional collectibles such as art, which exist in physical forms, NFTs exist exclusively in the digital world. According to some sources, the new Blur NFT aggregator has surpassed its rival OpenSea in several key metrics, including daily trade volume and weekly volume. Blur.io is challenging OpenSea and has stirred up excitement during the crypto winter. But what is the Blur Marketplace about?
The Blur marketplace is available on the Ethereum mainnet and was launched in October 2022, branding itself as the NFT marketplace for advanced traders. Its developers noted how poor interfaces on leading trading platforms were a matter of concern for real traders. Not only was the processing time slow, but there was a lack of analytical tools and data. With Blur, users can compare NFTs across marketplaces, manage portfolios with advanced analytics, as well as buy NFTs. The VC-backed digital marketplace stated that users can sweep and snipe NFTs faster than on other platforms, and is 10x faster than the aggregator Gem.
The team behind the project is anonymous but they consist of personnel with experience from MIT, Citadel, Five Rings Capital, Twitch, Brex, Square, and Y Combinator. Platform founder Pacman admitted that the strategy behind the platform is simple, yet effective: it appeals to traders. According to Pacman, that focus makes Blur the go-to platform for the ‘highest growing segment’ in the NFT space.
Additionally, Blur is taking a stand by honoring the royalties that creators have set in the first place. Their current structure incentivizes and increases royalty revenue within the ecosystem. For instance, traders that honored the royalty system would have received a larger airdrop of BLUR tokens compared to other recipients. Loyalty points are one of Blur’s methods of attracting pro traders. While the platform allows users to list their NFTs on other marketplaces, those who list explicitly on Blur will receive a 100 percent loyalty score. More loyalty equals more rewards in the future.
One of the reasons BLUR token has been so popular lately is that the Blur marketplace offers airdrops to its loyal users. Blur also promises to give out some $300 million during its next ‘airdrop season.’
The $BLUR token is an important element in the Blur ecosystem, giving the community control over the platform and providing governance functionality. The BLUR tokens are ERC-20 tokens that govern key parameters of the Blur protocol. Each member of the community is eligible to vote according to the amount of tokens they own. This is a significant difference compared to other centralized platforms such as OpenSea.
BLUR coin is also the native token of the marketplace. BLUR tokens were released officially on February 14, 2023. 51% of the tokens are in the hands of the community, 29% belong to major contributors, 19% are reserved for investors, and 1% are meant for advisors. Blur has minted 3 billion BLUR tokens, which will be made accessible over 4 to 5 years. A community treasury of 360 million BLUR tokens, equivalent to 12% of the total token supply, can be claimed by NFT traders, historical users of Blur, and creators.
$BLUR tokens were airdropped over 3 rounds, rewarding different types of traders according to their recent activity. BLUR’s initial airdrop offered access to the tokens as Care Packages to those who remained active with beta testing, which was six months before the release of Blur Marketplace in October 2022. There are four tiers of rarity in the Care Packages: Rare, Unrevealed, Uncommon, and Legendary.
The second airdrop was directed towards traders who listed on the marketplace through November 2022. Its participants received 10 times more BLUR tokens in comparison to the previous airdrop. The largest, or third, airdrop was meant for traders who placed bids through February 14, 2023, the day when users were given BLUR tokens in exchange for their Care Packages.
Here is a list of features that possibly made the Blur Marketplace so popular:
Blur has a very trader-friendly fee structure and does not charge any transaction fees for users on the platform. In terms of royalties, which are mandatory for a certain percentage of secondary transactions on other marketplaces, Blur recommends a default royalty rate of 0.5% for buyers. However, this can be customized and even set to 0 if the user wishes. Overall, Blur.io offers a more convenient and cost-effective platform for professional NFT traders.
According to open data sources, in February 2023, the Blur Marketplace did $1.24 billion in trading volume, while OpenSea earned around $383 million. In the aftermath of Blur’s token launch on February 14, activity on the platform has skyrocketed. Every day since then, the marketplace has outpaced OpenSea in trading volume by as little as $35 million and as much as $100 million. With the help of their incentives program, Blur has grown to become the largest NFT marketplace in the world. Its user-friendly UI, low fees, and deeper liquidity for NFTs has helped the platform rise in popularity. However, some sources claim that 50% of Blur's volume comes from less than 300 wallets, which may be a red flag for experienced crypto users. Some experts believe that only Ethereum NFT whales will become the main beneficiary, and on-chain data shows that Blur’s sudden rise in NFT trading volume is primarily fueled by them.
Wash trading in the NFT space, as it has most commonly been described, occurs when a trader buys and sells NFTs between their own wallets, often at inflated sums, or when multiple traders do the same in a coordinated fashion. It’s typically done to manipulate trading volume metrics or game token reward models, as seen with earlier NFT marketplaces like LooksRare and X2Y2.
It’s also true that while Blur claims OpenSea is a centralized antagonist in the NFT ecosystem, the dominance that the platform is asserting by giving out generous airdrops in the field of NFTs probably isn’t all that different.
Various websites give different forecasts depending on their experts’ opinions. For instance, PricePrediction.net believes that $BLUR will steadily rise in price. According to their estimates, by 2030, the coin will cost $13.80 at its peak and is believed to reach $30.94 by 2032. Telegaon believes that by 2030, BLUR token will cost $35.25 at maximum, and by 2050, its price will soar to $121.49.
There’s no denying that the marketplace got initial popularity because of its three airdrops. Considering that, it can’t be predicted if the popularity will continue the same in the future. The Blur Marketplace has not revealed all of its long-term strategies, which makes the investment matter quite uncertain. However, being a decentralized platform, Blur is managed by its community, which might vote and launch more features as well as identify possible issues related to trading. The price predictions for $BLUR also look promising. While the success of this NFT marketplace depends on many factors, Blur has already caused a lot of stir in the Web3 crypto space and may continue to rise in popularity.
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