Let’s back up a bit and talk about NFT marketplaces in general for a second! Users can buy and sell NFTs on various safe and secure NFT Marketplaces. Some even give you the opportunity to mint NFTs. These markets, where people can invest and trade easily and safely, are typically regarded as secondary. Some also enable you to connect with fresh potential clients and merchandisers, which can help you expand your brand or company. In this article, we will be talking about the Blur marketplace. And hey, rumor has it, it may be gaining in on OpenSea. If not now, soon!
Blur NFT Marketplace
Blur, as they refer to themselves, is a “pro” NFT Marketplace established recently in October 2022. It is backed by famous investors, such as Paradigm, 6529, Cozomo Medici, Zeneca, OSF, MoonOverlord, icebergy, Deeze, Andy8052, and many more. These investors contributed $11 million to the Blur company. Developers and creators with backgrounds from MIT, Citadel, Five Rings Capital, Twitch, Brex, Square, and Y Combinator are included in Blur’s team.
As stated in a blog post shared by the platform, and we quote, “Blur is the NFT marketplace for pro traders. We started Blur because we wanted a faster platform for trading NFTs ourselves. None existed with the capabilities we needed, so we built it.”
Blur NFT Marketplace Characteristics
Prior to its debut, Blur’s was being developed for a year while using a private beta version. Blur’s aggregator already reached the second-greatest volume in the space even though it was still undercover at the time.
Here are some of the advantages that Blur has:
0% Marketplace Fees
There are 0 marketplace fees for using the Blur marketplace. In essence, everyone can use Blur’s marketplace, aggregator, and advanced trading tools all for free.
Royalties and Airdrops
By using airdrops, Blur encourages traders to pay royalties. One of the other markets, in which Blur defaults to the highest royalty, is X2Y2. The royalties of merchants’ listings on Blur can be tailored by the traders themselves. Additionally, traders who set their royalties higher than 0.5% will receive an airdrop that is much better than those who set them at 0%.
Furthermore, Blur wants to become a marketplace that the whole NFT community controls and benefits from. Airdropping care packages to everyone who has continued trading NFTs over the past six months is their first step.
Sweeping across various marketplaces
Blur combines an aggregator with a marketplace. You can evaluate and buy numerous NFTs simultaneously from various marketplaces using aggregators. Pro traders frequently floor sweep, which entails buying all NFTs at their floor price. This use case necessitates acquiring many NFTs in a single transaction, something that Blur has.
It also allows users to snipe reveals, and fast! This means that they can snipe NFTs and buy them even before they are listed.
“Fastest NFT Marketplace”
Blur allows its users to sweep up to 10x faster than some other NFT marketplaces, with up to 17% fewer gas fees!
Users on Blur have the benefit of managing their portfolios through advanced analytics. This is an example right here.
Is This Too Good To Be true?
We know what you’re thinking. This is too good to be true, and hey, you’re right! As per a user experience, Blur’s disadvantage is that it might not be as secure as it seems. For users to approve contracts on marketplaces like OpenSea or LooksRare, a high level of trust is required. However, a user on Blur identified two significant problems with the app.
- The first is that the identical conduits in their code merely determine if the caller is permitted to move tokens. This implies that the owner of the smart contract can continue to pull tokens and add new addresses to the mapping. That degree of confidence has not yet been attained by Blur as a brand-new NFT market.
- The “exchange contract,” which is transferable in and of itself, was brought up as another problem. Users would therefore never completely understand what they are endorsing.
Some Closing Thoughts
Another day, another NFT marketplace. This is a literal statement for today’s market. However, it is crucial that we give Blur credit for doing a brilliant job of competing against industry heavyweights, such as OpenSea. Its unique approach to supporting NFT trading on its platform accounts for a significant portion of its success. The user and the community are now in the spotlight and are consistently rewarded for their dedication and participation. At the end of the day, that is all that matters.