Why BLUR Token Is Trending? What’s Unique About This New Token?
The NFT marketplace Blur airdropped 360 million BLUR tokens this week. After the airdrop, BLUR price fell 85% as the holders sold their tokens. The recent rebound in the BLUR price amid massive hype caused several users to regret selling their BLUR tokens. The native token of Blur has now entered the top 100 crypto list.
yh.eth, an NFT researcher at crypto research firm Delphi Digital, in a tweet on February 19 said selling his BLUR airdrop was a mistake. He also revealed that the Blur Bidding mechanism will be a game changer for the NFT space.
The NFT market is currently dominated by whales, which contribute majorly to the trading volume. However, whales just want to buy cheaper and sell quickly to make profits. Also, the market lacks NFT trading experience and liquidity.
If someone wants to sell 20 Doodles NFT today, it would likely take days to weeks to sell all the NFTs. Another problem is the downward spiraling floor price and the need to actively re-adjust the floor price.
How Blur Is Different?
Paradigm-backed Blur NFT marketplace launched in October last year and solved the liquidity problem by introducing the Bid Points system. The bid mining model is essentially a liquidity pool transaction where users provide ETH, not WETH, liquidity to a liquidity pool. Similar to Uniswap’s AMM innovation for the DeFi space to reduce liquidity issues.
Blur’s bidding system incentivizes users who want the airdrop and bear the risk of NFT prices once the bid is accepted. More liquidity on Blur than OpenSea allows users to trade more. Also, whales can buy or sell large amounts of NFTs frictionlessly.
Moreover, the BLUR token release allows value distribution to the community. The majority of the airdrop in the first season has already been claimed, with over billions in BLUR trading volume. A redistribution of BLUR from small to big investors, whales, and crypto influencers such as BitMEX founder Arthur Hayes is happening. The BLUR circulating supply will increase to 1 billion by the year-end.
Also Read: What’s Driving BLUR Token Prices
Binance Still Has To List BLUR Token
The world’s largest crypto exchange Binance still has to list the BLUR token. The listing is expected to further increase the trading volume and price of BLUR. The second airdrop will happen sooner and recipients depend on the NFT trading and bidding process.
Major crypto exchanges such as Coinbase have already listed the BLUR token. The price currently trades at $1.30, up 10% in the last 24 hours.
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