Blur Tokens ‘$Blur’ Hit The Market!

    Blur is like the new foreign exchange student that just seems to do everything better… At least that’s how it’s been looking for quite some time now. Why is this marketplace coming on top of the trading volume chart today, and even beating OpenSea in that term? Because of the Blur tokens of course! Let me explain. 

    Trading Volume Via NFT Go
    Trading Volume Via NFT Go

    From the moment it launched, Blur has not been shy about branding itself a  ‘Pro trader’ marketplace. That proved true when they announced their holy grail Blur tokens airdrop. Do you recall how the space has been raging on and on about it? 

    Blur has rewarded users with “care packages” which can be redeemed for tokens. And yesterday, Valentine’s day was extra special for the Web3 clan. 

    On February 14, the long-awaited Blur tokens were gifted to everyone who has been patient enough to bide their time over the last couple of months.

    With over $430 million in trading volume in the last 30 days. We owe our hats off to the Web3 dev Pacman aka Blur’s founder for this marketplace’s strategy. 

    We’re talking an insane amount of $Blur and an all-time high of ETH burned via the airdrop to loyal traders.

    Blur Tokens 

    $BLUR is the official marketplace’s governance token, allowing the platform to edge its way toward a more decentralized future. 

    And although $Blur peeped an all-time high at launch, recording a whopping $5.02 per token. This fame window was shortlived as the token plummeted to a current $0.77 according to data via CoinGecko

    And I’d be lying if I said that this wasn’t expected…

    The pattern with these tokens mostly goes as follows: Extreme high then aggressive dip. Only to pump over the next few days to a week. Eventually, it falls off a cliff. 

    My lucky guess is that we’ll see $1.5-$2 before the inevitable happens. Or might we stand corrected?

    For now, let’s say that with over $1 Billion in trades, more than 100K active users, and an increasing market share. We have much to talk about. Let’s dive in!

    Blur Tweet

    Season 1: Traders Vs. Collectors on Blur

    To put it in one sentence, Blur has been optimized for the POWER user and trader of the NFT space. Not your average run-of-the-mill collector. Why? Two words. $Blur airdrops.

    On one hand, platforms like OpenSea appeal more to casual NFT enthusiasts engaging in smaller trades on an occasional basis.

    On the other, Blur is meant to hook those who engage in high-volume trades with reasonable frequency. Let me explain. 

    We’ve previously gone over what those 3 airdrops meant and entail, but let me recap season 1… 

    In brief, in order to show Blur your uncontested loyalty, and secure a higher amount of $Blur tokens in their airdrop, you had to be extremely smart about your trading activity. 

    Ground rules to increase your ‘Loyalty Score’: 

    • List NFTs on Blur as well as other marketplaces. 
    • Be an active trader on the platform. 
    • List blue-chips
    • Place bidding on collections (The longer your bid stands, the more tokens you receive). 

    All of these prerequisites make for a complex pro-trader-targetted marketplace that cultivates loyalty and builds a unified community. 

    No Wash-Trading Allowed During The Blur Tokens Airdrop

    Although the Blur token rewards were clouded by fears of “wash trading” to manipulate the rewards model. Similar to what took place with LooksRare back in 2022…

    Wash Trading: A form of market manipulation in which an investor simultaneously sells and buys (between their own wallets) the same financial instruments to create misleading, artificial activity in the marketplace.

    Pacman has said that Blur has done its best to avoid incentivizing volume.

    What did they do?

    They rewarded users who listed NFTs on the platform while giving no Blur token reward to users for the actual sale of those NFTs. Thus eliminating the hazard of wash-trading.

    By that, Blur ALLEGEDLY hasn’t yielded billions of dollars worth of suspicious-looking trades unlike LooksRare did last year. 

    People Made Insane Money From $Blur

    So many are rejoicing from their successful Blur endeavors… 

    According to the chart below via Dune, More than 7.3% of traders were able to snag upwards of 10K $Blur tokens during the airdrop.

    Blur Token Distribution Via Dune

    But when we say insane money, we do in fact mean insane money.

    Millions worth of money. 

    Some of the top traders jackpotted at more than $1 million worth of tokens. 

    So, when we heard that the #1 trader was able to snag more than $2 million worth of $Blur, we were nearly in tears.

    According to data, the victor in the BLUR airdrop took home over 3.2 million BLUR tokens, valued at about $2.4 million based on the current price token. However, the identity of the victor is unknown, and the corresponding wallet is relatively new.

    Although it has been created only 3 months ago, its activity has not been limited. For it traded massive sums of Mutant Ape Yacht Club and Otherside NFTs in recent days.

    Suspicious Activity?

    A further keen eye look into the activity data of the highest claimant leaves more to the imagination… Let’s catch you up:

    The highest Blur token claimant was buying and selling loads of the same NFTs over and over again. First red flag. However, the sale prices aren’t high enough to raise suspicion.

    But the rate at which the NFTs are being flipped can indicate an attempt to generate an enormous trading volume. Just our two cents… 

    The cherry on top is when we noticed that the 2nd (2.97M $Blur) and 3rd (2.5M $BLUR) top wallets in the airdrop were interacting with the 1st quite frequently. The records showed back-and-forth sales. 

    A coordinated effort at wash trading? Perhaps. 

    Hold or Sell Your Blur Tokens?

    The ultimate question here. Hold or sell?

    Nansen, a Web3 analytics firm, recently highlighted how LooksRare users responded to that platform’s native token when it launched. 

    It noted that most holders either sold, transferred, or staked their tokens. And as we can see, this pattern can easily be recognized with the Blur tokens drop. 

    So you received the $BLUR airdrop and can’t decide if you should sell it or hold it. You have two options. Either sell for some easy cash to reinvest in the space. 

    Or you can view it from the perspective of a “Pick-and-Shovel” play on the NFT Space. This strategy relies on investing in the underlying technology needed to produce a good or service instead of in the final output. 

    Think of it as a way to invest in an industry without having to endure the risks of the market for the final product.

    So, you can either do that. Or be like this guy… 

    Season 2: What To Expect

    The Blur tokens airdrop was only season 1. What can we hope to see in season 2? 

    According to the Blur website, for the next 30 days, all bidding and listing point rewards have been doubled until March 14!

    Although we can’t guarantee that the once-in-a-lifetime season 1 token giveaway parade will happen again, we can expect some decent rewards.

    Some even started to heed their warnings for OpenSea to act up and ‘share profit’ with users if they intend to be on top of the game.

    It will become clearer in the coming months whether this marketplace is in its 5 minutes of fame phase due to the momentum from users trading with airdrop incentives in mind, or if it is actually a worthy foe. 

    How will Blur do in the upcoming months? Let’s keep a close eye.

    As always, stay tuned for more!


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