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Blur's Airdrop Launched! Here's the Lowdown

Blur's Airdrop Launched! Here's the Lowdown image 0

A new player has quietly been waiting in the wings, ready to make a play for the NFT market – Blur!

It's hard to talk about the world of NFTs these days without mentioning OpenSea, the largest NFT marketplace around. OpenSea has maintained its top-dog status despite increasing complaints, all thanks to its first-mover advantage. Founded in 2017, OpenSea was one of the first marketplaces to host all NFTs, setting the standard for NFT marketplaces, and to this day, it remains the go-to option for collectors.

As the pioneer of the NFT marketplace, OpenSea still holds the lion's share of all NFT transactions, despite the steep service fees and lack of a rewards system it offers. Competitors such as X2Y2 and LooksRare have emerged, offering lower platform fees and rewarding traders who use their services. These rivals have managed to chip away at OpenSea's market share, which fell from 76% in May 2022 to 48% by October 2022, according to DappRadar's crypto industry report. X2Y2, in particular, hurt OpenSea, luring users with various unique features and, most significantly, no fees.

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Marketplace dominance in NFT trading volume in October 2022. Source: DappRadar.

And while many in the NFT scene believed X2Y2 could be the new game-changer, another competitor has quietly been waiting in the wings, ready to make a play for the NFT market – Blur!

Blur emerges as a market disruptor, raising eyebrows and drawing attention from NFT traders and investors alike. While some anticipated Blur to be the "OpenSea Killer", it turned out that the platform instead consumed the market share of X2Y2. While Blur may not have disrupted the market dominance of OpenSea, which still commands over 50% of the market share. It has nevertheless established itself as one of the fastest-growing NFT marketplaces, capturing the attention of the crypto industry and the NFT community. So, what's the secret to its success?

Everyone Gets Airdrop!

With the backing of Paradigm, the most celebrated Web3 investment firm, Blur has already gained a reputation as a serious player in the NFT game. The platform's beta testing phase was limited to select traders, and the reviews were overwhelmingly positive. Upon its official launch in October 2022, the NFT community was already buzzing with excitement, thanks to the announcement of an airdrop of the platform token BLUR. During the first phase of the airdrop, Blur distributed "care packages" containing BLUR tokens based on users' on-chain NFT transactions on Ethereum. Unlike X2Y2 and Looksrare, Blur rewarded all NFT traders with airdrops, regardless of whether they had participated in beta testing. This generous act ensured Blur’s successful road ahead.

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Free care packages were distributed to NFT traders during the first phase of the airdrop.

A Combination of Aggregator and Marketplace

First starting out as an NFT aggregator, Blur has now transitioned into becoming a fully functioning NFT marketplace. It allows users to purchase NFTs listed on multiple marketplaces, including OpenSea, X2Y2, and Looksrare, all in one interface. By bulk-purchasing NFTs across different marketplaces, traders can save on gas fees and lower their trading costs. Blur’s own marketplace offers zero platform fees and royalties, making it an attractive option for NFT traders to list their holdings. However, some NFT projects have expressed concerns, leading OpenSea to take action by restricting specific collections on Blur. Despite the challenges, Blur's popularity continues to grow.

The Highly Anticipated Platform Token

Phase one of the airdrop came and went, followed closely by the second phase. Then, Blur unveiled a new feature: the Blur bidding pool. In a bold move, Blur decided to forego the traditional bidding method of wrapped ETH (wETH) used by OpenSea in favor of its proprietary pool. To participate, bidders were required to deposit their Ether (ETH) directly into the pool. For the third phase of the airdrop, the largest by far, Blur required users to engage in the NFT bidding by using their pool’s funds to accumulate points, thereby qualifying for additional care packages. Though the ploy may seem a bit gimmicky, it was undeniably effective, significantly boosting the platform's trading volume. As a result, Blur's ranking in NFT marketplaces skyrocketed, causing a frenzy of excitement among the NFT community.

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Bid NFT on Blur using its platform-dedicated balance.

How Did the Blur Airdrop Turn Out?

And what of the airdrop distribution itself? The verdict is in, and it's overwhelmingly positive, with the distribution praised for its fairness and transparency. And as for the BLUR token's value, it's been a raging success. As of the time of writing, BLUR is trading at an impressive $1.09 and boasts a market capitalization of $397 million, placing it 105th among all cryptocurrencies. However, the complete picture of BLUR's utility remains to be discovered, though Blur's Idea Map offers a sneak peek for the curious.

How to Secure the Next Blur Airdrop?

Blur’s Season 2 has begun. Although the rewards have yet to be revealed, the points system works similarly to the previous phases of the airdrop – participants must bid and list to accrue points. According to those in the know, the optimal strategy is to list near but not at the lowest floor price and to bid just below the floor price with the highest price. Bonus points if there is a successful deal!

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Example of listing near (6.828 E) but not at the lowest floor price (6.826 E).
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Example of bidding below the floor price (6.826 E) with the highest bid price (6.82 E).

How to Purchase BLUR Tokens?

As Blur’s airdrop is only for the NFT-curious and the NFT-obsessed, what about those not interested in NFTs, but would also want to join the party? Not to fret. There are other means to obtain these BLUR tokens. The easiest way is through Bitget Wallet (Previously BitKeep) Wallet. Open your Bitget Wallet (Previously BitKeep) Wallet, hit "Swap", and swap your existing crypto holdings into BLUR. Bitget Wallet (Previously BitKeep) has top-notch swap services, accessing a wide range of DEXes and cross-chain bridges. Though BLUR is an ERC-20 token on the Ethereum mainnet, you are able to perform cross-chain swaps with ease and get the best price with just one click.

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Less than 0.01% price impact on cross-chain transactions using Bitget Wallet (Previously BitKeep) Swap.

Tokenomics Prediction of BLUR

The BLUR token's tokenomics remains the talk of the town. The total BLUR token supply sits at 3 billion, with 360 million tokens already in the hands of investors thanks to airdrops. Of this number, 329 million tokens, or a whopping 91.4% of the total supply, have already been claimed and the remaining 31 million tokens are expected to be picked up quickly. According to the official documentation, BLUR tokenomics goes as follows:

  • Almost half of the tokens, precisely 51%, are meant to be the community treasury. 12% of these have already been disbursed via airdrop. The remaining 39% of the BLUR supply will be locked up for the Blur community members.
  • 29% of the tokens will be locked up for contributors, which probably means trading rewards, with no cliff period, and can be released immediately.
  • 18.8% will be locked up for investors, with a cliff period of 4 months. The tokens will vest over 48 months and be released from June 2023 until February 2027.
  • And the last 1.2% of BLUR tokens will be locked up for advisors, with a cliff period of 4 to 16 months. The tokens will vest over 48 to 60 months and be released from June 2023 until February 2028.
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BLUR 4-Year Release Schedule.

Are BLUR Tokens Worth It?

With BLUR’s current circulating supply, the token is worth a whopping $397 million in market capitalization. But if all the tokens were released, they would be worth an impressive $3.27 billion at the current token price. Now, let's put things in perspective: OpenSea, the biggest NFT marketplace, had a valuation of $13.3 billion, according to the official statement during its Series C funding round in January 2022. With the majority of BLUR tokens being locked up for four years until 2027, a $3.27 billion market capitalization later, which represents about one-fourth of OpenSea's peak valuation, seems quite reasonable. Let's be clear, however: this is not financial advice (NFA), and the future of NFT trading must be intact for Blur to sustain its business. In the meantime, we can only wait with bated breath to observe if Blur will be able to maintain the hype and continue to bring innovation to the NFT scene.

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