• Blur is an NFT marketplace built on the Ethereum blockchain that’s taken the crypto world by storm lately.
• It has surpassed OpenSea in trading volume and captured 53% market share shortly after its launch.
• Its native token plunged 99% from all-time high, seemingly due to its point-based distribution approach.
What is BLUR?
BLUR is a non-fungible token (NFT) marketplace built on the Ethereum blockchain that’s been taking the crypto world by storm lately. Founded by Tieshun Requerre, an MIT graduate, it has become one of the most popular NFT platforms and achieved impressive trading volumes of $1.58 billion over the last 30 days as of Mar 6 according to DappRadar.
How Has Blur Taken NFT Markets By Storm?
Blur has taken NFT markets by storm through its game changing features such as allowing users to buy multiple NFTs from different marketplaces in one fell swoop and incentivizing users to fill their liquidity pool order book through its point system reward mechanism with airdrops. This reward system assigns a risk score to each order which rewards higher bids & lower asks via airdrops.
Price Action Of BLUR Token
The excitement surrounding Blur’s ascent was palpable but so was the rapid decline of its price, which has plunged over 18% in the past seven days as of Mar 6, now trading at a mere $0.69 and down a colossal 98% from its all-time high of $45.98.
Analysts‘ Opinion On BLUR Token Plunge
Delphi Digital has attributed this price plunge mainly due to its point-based distribution approach that incentivizes users to fill liquidity pools order books with higher bids & lower asks via airdrops instead of longer term hodling expectations for investors who invest in these tokens initially expecting huge returns soon after investing in these tokens which eventually leads them into disappointment when they don’t get those returns leading them into selling off their tokens further driving down prices even more .
In conclusion, Blur has been making waves recently with its innovative features that have disrupted traditional non-fungible token markets; however, it appears that its native token is feeling some heat due to investors not receiving expected returns soon enough leading them into selling off their tokens driving prices even lower than before. Despite this momentary dip in prices, analysts remain optimistic about Blur’s potential for long term growth due to continued innovation and adoption within the space