On February 14, the popular NFT marketplace Blur introduced (1) its native token, also called BLUR. A few hours later, Blur also carried out an airdrop, in which they distributed 85% of the total number of BLUR tokens. The NFT marketplace rewarded customers with “care packages” if they participated in NFT deals on the Blur marketplace.
Traders will be able to engage in the governance protocol of the platform using the platform’s native token, BLUR. In addition, it will also make it possible for traders to participate in the platform’s governance protocol. In addition, consumers have the opportunity to profit from the success of the marketplace through community ownership.
The NFT marketplace has said that dealers would have sixty days to claim any BLUR tokens that have been airdropped. According to the statistics provided by CoinMarketCap, the current price of a single BLUR coin is $ 0.91.
The NFT marketplace Blur stated in a tweet what it offers in its tweet:
“Since the platform went live [four] months ago, 146,823 users have transacted NFTs totaling $1.2 billion”. This expansion is incredible, and it would not have been achieved without the support of the Blur community.”
Blur is a zero-fee non-fungible token (NFT) marketplace introduced in October 2022. In a very short time, it has amassed enormous popularity. The Blur NFT marketplace has seen a total of $430 million in trade volumes over the past 30 days, placing it in second place after OpenSea.
The recently introduced BLUR coin is a governance token built on the ERC-20 standard and has a supply cap of three billion. Airdrop holders have been given a share of the supply equal to twelve percent of the overall amount.
Another 78% has been locked away in two separate lock-up contracts, and the remaining 9% is held in a multi-sig wallet managed by the Blur team.
The NFT marketplace conducted an airdrop of 360 million BLUR tokens yesterday to benefit holders of “care package” tokens. It is interesting to note that on the first day, more than fifty percent of the tokens that were airdropped were claimed.
BLUR Token Uses
Blur markets itself as a venue for professional traders to conduct NFT transactions. Last year, the NFT marketplace Blur completed a seed round of funding, raising $11 million, and was led by Paradigm.
The NFT marketplace is attempting to grow its user base by allowing traders to earn substantial token incentives.
By acting as a governance token for the Blur NFT marketplace, the BLUR token will drive the ecosystem further in the direction of decentralization. Blur is pursuing a novel approach to the provision of royalty offerings by the dynamics of its tokens.
The debut of this token has the potential to be an important factor in the Blur NFT marketplace’s efforts to increase its presence in the Web3 market. Blur needs to focus on growing its army of active traders and the number of transactions it processes to compete with industry titans like OpenSea.