Popular NFT Marketplace Blur Launches Native Token and Announces AirDrop

UTC by Bhushan Akolkar · 3 min read
Popular NFT Marketplace Blur Launches Native Token and Announces AirDrop
Photo: Blur / Twitter

More than 50% of the airdropped BLUR tokens were claimed on the very first day of launch showing a strong community response.

On Tuesday, February 14, popular NFT marketplace Blur launched its native token BLUR. Hours later, Blur also conducted an airdrop by dropping 85% of the total BLUR token supply. The NFT marketplace gave “care packages” to users for conducting NFT trades on the Blur marketplace.

The native BLUR token will allow traders to participate in the platform’s governance protocol. Additionally, it will also allow traders to participate in the platform’s governance protocol. Besides, users can also profit from the marketplace’s success through community ownership.

The NFT marketplace said that traders will have 60 days to claim their airdropped BLUR tokens. Each BLUR token is currently trading at 77 cents, as per data on CoinMarketCap. In its tweet, the NFT marketplace Blur tweeted:

“Since launching [four] months ago, 146,823 users have traded $1.2 billion dollars [sic] worth of NFTs on Blur (wash trading excluded). This growth is breathtaking and was only possible with the support of the Blur community.”

Launched last year in October 2022, the zero-fee non-fungible token (NFT) marketplace Blur has gained massive popularity in a very short time. Over the last 30 days, the Blur NFT marketplace has seen $430 million in trading volumes, second to OpenSea.

The newly launched BLUR token is an ERC-20 governance token with a maximum supply of three billion. Twelve percent of the total supply has been allocated to airdrop holders. Another 78 percent has been delegated to two lock-up contracts and nine percent is owned by a multi-sig wallet controlled by the Blur team.

Yesterday, the NFT marketplace airdropped a total of 360 million BLUR tokens to “care package” holders. Interestingly, on the very first day, more than 50% of the airdropped tokens were claimed.

BLUR Token Utility

Blur positions itself as an NFT marketplace for pro traders. NFT marketplace Blur raised $11 million in a seed round led by Paradigm last year. The NFT marketplace is trying to build an audience by offering potentially valuable token rewards to traders.

The BLUR token will serve as a governance token for the Blur NFT marketplace thereby pushing the ecosystem toward further decentralization. With its token dynamics, Blur is taking a unique approach to royalty offerings.

This token launch can play a crucial role for the Blur NFT marketplace in expanding its footprint in the Web3 market. In order to compete with giants like OpenSea, Blur needs to work on building its army of active traders and transactions.

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