Finally, BLUR Crypto is here. On February 14, 2023, at 1:30 p.m. ET, the NFT marketplace formally started allowing customers to redeem care packages for the token after delaying the debut of the platform’s native token in January.
As the debut day approached, there was a lot of anticipation. Blur’s trading volume rises over the previous month solidified its status among the top NFT platforms, and well-known exchange Coinbase stated that it would include the token provided liquidity conditions are met.
How did Blur accomplish so much in such a short period of time? And how is the launch of its token going? Here, we describe the marketplace’s rapid ascent to NFT stardom and explain why the introduction of its native token is such a crucial point for the platform, its customers, and Web3.
What is Blur Crypto?
Blur’s long-awaited native token is called Blur Crypto. The maximum quantity of this ERC-20 governance token is three billion. Nine percent of the total supply is owned by a multi-sig wallet under the authority of the Blur team, with another 78 percent going to two lock-up contracts. Holders of airdrops receive 12% of that supply. Early estimates from CoinMarketCap estimated the token’s fully-diluted market cap at $14 billion, with one Blur Crypto token now trading for just under $5.00. However, more recent data shows that both of those values have fallen dramatically, to just under $2.5 billion and $0.69, respectively.
Over the past few months, users have been accumulating Blur Crypto through airdrops from the platform. The initial airdrop was given out as compensation to individuals who persisted during the bad market, or to people who traded NFTs on ETH in the 6 months prior to Blur’s October debut. The second was made up of Blur Crypto care packages for platform users who listed NFTs on Blur between October 19 and December 5 (after reaching a specified threshold). The third and greatest airdrop of the three was intended for traders who had placed bids on Blur. The arrival of the token has been eagerly awaited by frequent users who have kept up with this system.
According to Pacman, Blur has made every effort not to reward volume as a Web3 platform because doing so encourages wash trading, distorts metrics, and leads to a lower-quality product being offered to its user base. They did away with the wash-trading payoff in favour of promoting liquidity with a second airdrop that rewarded users for listing NFTs on their platform but didn’t pay them for actually selling those NFTs. And with Blur’s third airdrop, which focused on bids, the market mostly followed suit, notably by rewarding offers that were more closely related to floor prices and more accurately represented the actual market price of those NFTs.
Blur Crypto utility
As the marketplace moves closer to a more decentralized future, Blur Crypto will be used as the governance token. Blur is also taking a novel stand on the royalties discussion with its token dynamics, rewarding platform users with additional tokens for choosing to support artists royalties.
Web3 must wait to observe how Blur’s users respond to the Blur Crypto token’s launch. When LooksRare’s native token was released, Nansen, a Web3 analytics company, highlighted how users reacted to it, stating that the majority of token holders either sold, moved, or staked their tokens. For the time being, users should exercise caution to avoid malicious actors attempting to steal their tokens as keen observers have noted the deployment of fake Blur token contracts intended to deceive platform users who aren’t careful.
Token launches can be quite advantageous for Web3 entities, but they must be handled cautiously. Despite its recent popularity, Blur lacks the heritage of an NFT institution like the Bored Ape Yacht Club.
The community’s reaction to the debut and the utility and value it offers them will probably have a significant influence on how the burgeoning marketplace titan develops in the future. If they are not careful, things might quickly get very fuzzy.
Blur Crypto Price Falls by 85%
On February 14, the first day of trade, Blur tokens reached a high of $5.02 per token. But since then, the value of the coin relative to the dollar has fallen by more than 85%.
Trading in BLUR has begun, with BLUR/USDT being the most popular trading pair and Kucoin the busiest exchange on Tuesday. With a global trade volume of nearly $12 million as of 2:05 p.m. (ET), BLUR has a market capitalization of over $176 million. Statistics show that there are 360 million BLUR tokens in use, and at 2:10 PM, the cost of one coin was $0.458.
There were 8,798 distinct addresses holding BLUR tokens as of 2:10 p.m. (ET) on Tuesday, and roughly 18,900 transfers had taken made. In recent months, the Blur marketplace, which competes with Opensea, the largest NFT market, has emerged as a leading NFT market.