Traders can now open Blur’s “care packages” to get benefits in the form of BLUR governance tokens.
developing NFT market Blur’s delayed airdrop of BLUR tokens to reward Ethereum NFT traders begins today. Blur has recently emerged as the market leader’s main opponent.
Blur started its marketplace last October with the promise of token rewards for dealers. Users have since received “care packages” that serve as placeholders for future token distributions. After a late-morning delay, consumers can finally open their care packages and receive the Ethereum-based tokens today. The start time is expected to be about 1:30pm ET. Blur, the most recent contender to market leader OpenSea, is poised to begin its delayed airdrop of BLUR tokens to reward Ethereum NFT traders.
Blur started its marketplace last October with the promise of token rewards for dealers. Users have since received “care packages” that serve as placeholders for future token distributions. After a late-morning delay, consumers can finally open their care packages and receive the Ethereum-based tokens today. The start time is expected to be about 1:30pm ET.
The market has allocated token allotments in three rounds thus far. The first wave was made available to qualifying Ethereum NFT customers who have used a competing marketplace in the six months preceding Blur’s debut. The final wave is for traders who use Blur to put bids on NFTs. The second wave was for Blur users who put their NFTs for sale on the marketplace between November 1st and November 30th.
NOW COMES THE $BLUR
Care packages will be unwrapped on February 14 at 12 p.m. EST, 1 a.m. HKG, and 6 p.m. CET.
Blur had planned to distribute the governance token to qualifying users in January, but they delayed it until now. On January 19, the marketplace tweeted that “we’re trying new things” and that “the extra two weeks will allow us to deliver a launch that hasn’t been done before.”
Blur, which bills itself as a “platform for professional traders,” said in March 2022 that it has raised $11 million in a seed round led by Paradigm. Blur is aiming to expand its audience by offering traders potentially huge token incentives, similar to LooksRare and other marketplaces that have emerged in the aftermath of the NFT market.
Blur’s recent rise appears to have been fueled by anticipation of the impending token decrease, with the market occasionally outperforming OpenSea in terms of NFT trade volume.
However, the excitement surrounding token awards has generated concerns about how much “wash trading” is taking place on the site, as users may be manipulating trades to enhance incentives. Users of LooksRare moved NFTs between their personal wallets at fraudulently inflated values in order to rig the rewards scheme.
Unlike LooksRare last year, Blur has not produced deals worth billions of dollars that appear to be questionable. Despite having a greater total trading volume than OpenSea the prior week, data shows that Blur has had substantially less active traders and transactions.
In compared to approximately 2% of OpenSea trades, data from analytics platform Dune shows that approximately 13% of Blur trades are classified as suspected wash trading.
Content Source: decrypt.co
Cover Image Source: decrypt.co
