Since the launch of the BLUR token on January 14, 2023, the trading volume of Ethereum NFTs on the Blur marketplace has exceeded more than 500 million US dollars in a week! The number is significantly higher than that of Opensea, one of the leaders in the NFT marketplace, which only reached nearly 150 million dollars. So, what is Blur, and what makes it ahead of Opensea? Let’s find out all about it in this article.
Article Summary
- 🖼️ Blur is a feature-packed NFT marketplace for professional NFT traders. The platform has many features to support a better NFT trading experience that can help traders optimize profits.
- ⚡ The Blur NFT marketplace boasts several advantages, such as offering comprehensive NFT trading and analysis features, zero marketplace fees, the ability to handle faster and larger NFT transactions, and more.
- 🪙 BLUR is the governance token of Blur. In addition, it also functions as a reward for users who actively participate in NFT transactions on Blur.
- 💰 BLUR token was launched on February 14, 2023, with an airdrop system. Users who meet the airdrop requirements get a “Care Package” containing BLUR tokens and can claim them within 60 days.
What is Blur?
Blur is a feature-packed NFT marketplace for professional NFT traders. It is built on the Ethereum network and has many features supporting a better NFT trading experience to help traders optimize profits.
Since its launch in October 2022, Blur has dominated the NFT market based on trading volume driven by three stages of BLUR token airdrops. According to Messari, since December 2022, this NFT marketplace has routinely accounted for 40-60% of daily NFT trading volume, outperforming all other competitors, including OpenSea.
Blur is a real-time spot exchange for NFTs that gives users the experience of trading NFTs in large quantities quickly. This NFT marketplace has a lot of information and features, such as depth charts, real-time sales, live activity feeds, and others.
Apart from being a marketplace, it also features as an NFT aggregator. It compares NFTs with other marketplaces, such as Opensea, LooksRare, and X2Y2.
Find out more about 8 Best NFT Marketplace on Ethereum.
Blur is designed to boost NFT trading activity through a combination of gamification and reward systems. These two things have led the platform to record more trade activity than Opensea, which previously led the NFT trade market. Blur rewards traders who utilize bidding pools to trade in bulk. Moreover, the platform also incentivizes traders who trade NFTs frequently.
Who is the Creator of the Blur NFT Marketplace?
This NFT marketplace was created by an NFT enthusiast, Pacman, who previously used a pseudonym. Although he has recently revealed his identity, in a Tweet he stated that he will continue to use the name Pacman and the Vtuber avatar for every interview.
He and his team built Blur in 2021 and officially launched it in October 2022. The development team comprises professional NFT traders and developers from MIT, Citadel, Five Rings Capital, Twitch, Breaks, Square, and Y Combinator.
In March 2022, Blur secured seed funding of 11 million US dollars from Paradigm and several investors such as eGirls Capital, 0xMaki, LedgerStatus, Keyboard Monkey, and others.
How To Use Blur?
In order to access this NFT marketplace, you simply connect your crypto wallet, such as Metamask, Walletconnect, and Coinbase wallet. Once your crypto wallet is connected, you can directly start trading NFTs.
There are dashboard view options in the settings for NFT collectors and traders. On the collector view, the images look bigger, and the page view is cleaner and more superficial. For traders, there are more charts, data, and denser information. In addition, you can also choose the background color, such as dark, medium, or light mode.
Advantages of the Blur NFT Marketplace
Advanced Analytics Features
Blur provides a “Sweep the Floor” feature that allows pro-traders to purchase multiple NFTs at once, up to 30 NFTs. The platform also offers a depth chart that displays the number of NFTs available at different intervals. This feature can help buyers understand the market impact of their purchase. In addition, this platform can also remove NFTs with pending transactions and NFTs that are flagged as suspicious NFTs.
When clicking on a certain NFT, it will display the specific features of that NFT. A sidebar will appear that provides information on each feature’s last sale time, floor price, and volume percentage. This information allows traders to self-assess the rarity of an NFT.
Detect Rare NFTs that is Undervalued
The interface can display rare NFT traits and the minimum price for specific traits. It simplifies determining the appropriate value for an NFT and eases finding undervalued NFTs.
NFT traits bring life to the collection and make it fun. NFT traits include attributes, attitudes, characteristics, clothing, accessories, facial expressions, etc.
0% Marketplace Fee
This NFT marketplace offers more features for professional NFT traders with a 0% marketplace fee. In other words, it offers marketplace facilities, NFT aggregators, and advanced trading tools at no cost.
NFT Royalties
Blur allows users to set royalties for their assets when listing NFTs. Listing NFTs is one way for users to access a more significant portion of BLUR token airdrops.
This arrangement incentivizes users who pursue profits to contribute extra to the platform. The more they make transactions, the more chances they have to earn BLUR tokens.
Quickly Process Transactions
One of the reasons the development team built the Blur NFT Marketplace was to experience NFT trading quickly. It can process NFT transactions ten times faster than one of the leading NFT aggregators, Gem.
Blur also can display pending NFT transactions in less than a second and update the listing list every four seconds. This lightning-fast display of pending transactions and quick metadata updates on NFT collections give its users a massive advantage in NFT identification.
Portfolio with Complete Analysis Tools
When users connect their wallet to their Blur account, they can see a detailed view of everything they own. This marketplace provides complete analysis tools in the portfolio section to view NFT information, profits, and losses from NFT prices, NFT rarity, and more.
Read also 15 Popular NFT Terms to Know For Beginners.
BLUR Tokenomics
BLUR is the governance token of the Blur NFT Marketplace and was launched on February 14, 2023. This token is an ERC-20 standard token. BLUR token holders can participate in determining the future development of the Blur system and make it more decentralized.
In addition, this token is also used to grant royalties to NFT creators. And also, the Blur users get BLUR tokens through an airdrop system.
The total supply of BLUR is 3 billion tokens, and have been minted initially. The allocation of this tokens, as shown in the diagram above, is as follows:
- 51% to community members 1,530,000,000 tokens
- 29% to core contributors with 4-year vesting (token lock period) 867,601,888 tokens
- 19% to investors with 4-year vesting 565,633,826 tokens
- 1% to advisors with 4 to 5-year vesting 36,764,286 tokens
Read also What is NFT Minting? And How Do You Do It?
BLUR Token Airdrop
This airdrop mechanism ensures that users who actively use this platform will be the ones who get the tokens and maintain control over the protocol. It is one of the strategies to increase user participation in transactions on the platform.
The number of airdrop Blur tokens has just released to its community is 12% of the total supply or 360 million BLUR.
The BLUR token airdrop system is divided into three stages:
- The first airdrop was given to anyone who traded NFTs on Ethereum six months before Blur’s launch in October.
- The second airdrop was given to users who listed NFTs on Blur between October 19 and December 5, 2022.
- The third airdrop was given to users who bid for NFTs on Blur.
All airdrops are awarded in three consecutive stages in October, November, and December. Users who have participated in the listing, trading, and bidding of NFTs on Blur will get BLUR tokens packaged in a collection of NFTs with various levels of rarity, known as a “Care Package.”
However, the package cannot be opened until BLUR tokens officially launch on February 14, 2023, at 1:30 PM ET. Users have 60 days to claim the package.
BLUR as Investment
The current price of BLUR (February 22, 2023) is 0,95 US dollars, with a daily trading volume of over 590 million US dollars. According to Coinmarketcap, this token is in the 117th rank with a market cap of over 370 million US dollars.
At the beginning of its launch, this token peaked at 5,1 US dollars on February 15, 2023. However, heavy selling pressure pushed the price back down as low as 0,5 US dollars before it rose again.
According to data from DappRadar, Blur has generated over 894 million worth of Ethereum NFT trades over the past month (February 2023), a 117% increase from the previous period. Meanwhile, Opensea had a 64% increase in trading volume to over 486 million. In third place, X2Y2 recorded 63.5 million US dollars in trades.
Although Opensea is ahead in terms of active users, Blur dominates the NFT market in terms of the higher trading volume. It proves that professional traders or NFT whales buy more NFTs on Blur than retailers who buy just a few NFTs on Opensea.
The image above shows that the Total Value Locked (TVL) amount in Blur’s bidding pool is 125 million US dollars. Bidding is essential to the floor price of NFT collections.
NFT bidding is the process of selling NFTs via auction on a decentralized platform. Ownership of the NFT is transferred from the seller to the highest bidder as the auction winner.
Considering its significant growth, BLUR has exciting potential in the NFT space. Especially the airdrop system that the development team continues to implement to increase user engagement with the NFT marketplace platform.
However, Blur is still relatively new as an NFT marketplace, so for now, it can only support Ethereum NFTs. In addition, it is designed for professional traders with advanced analysis tools. Many new NFT users entering the market may be looking for a simpler platform that they can learn on.
With the current market cap, BLUR’s price volatility is relatively high. Therefore, to invest in this token, make sure you have considered the risks. So, you should do your own research before investing.
How to Buy BLUR Token on Pintu?
You can start investing in BLUR by buying it in the Pintu app. Here’s how to buy crypto on the Pintu application:
- Create a Pintu account and follow the process of verifying your identity to start trading.
- On the homepage, click the deposit button and top up the Pintu balance using your preferred payment method.
- Go to the market page and look for BLUR.
- Click buy and fill in the amount you want.
- Now you have BLUR as an asset!
In addition, the Pintu application is compatible with various popular digital wallets such as Metamask to facilitate your transactions. Go and download the Pintu cryptocurrency app on Play Store and App Store! Pintu is regulated and supervised by CoFTRA and Kominfo.
You can also learn more crypto through the various Door Academy articles which are updated every week! All Pintu Academy articles are for educational purposes, not financial advice.
References
- Pacman, Blur is LIVE!, Blur, accessed 21 Februari 2023
- Shawn Johnson, Blur NFT Marketplace: The New NFT Heaven for Professional Traders, Business News, accessed 21 Februari 2023
- William M. Peaster, Blur Day, Bankless, accessed 21 Februari 2023
- Eric James Beyer, Blur’s Token is Live: Here’s Everything You Need to Know, NFT Now, accessed 21 Februari 2023
- Bitkan, Blur ($BLUR) Explained: What is Blur and how to buy BLUR coin (2023/2024 Edition), Medium, accessed 21 Februari 2023
- @0xMavWisdom, New player Blur: another challenge to OpenSea, Wu Blockchain, accessed 21 Februari 2023
- Andrew Hayward, Blur Overtakes OpenSea as Ethereum NFT Trading Skyrockets, Decrypt, accessed 24 Februari 2023