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The ascent of Blur is now being seen in all fronts. The low-fee, royalty-free marketplace, founded by Web3 developer Pacman and launched in October 2022, has witnessed a remarkable surge in trading volume over the past 30 days.
Following two consecutive months of strong sales, the volume of Ethereum-based NFTs traded in the past week has increased by over 200 percent.
The fast growth in trade volume is the result of a dynamic market in which the startup marketplace Blur has surpassed the market leader OpenSea, creating $460 million worth of Ethereum NFT with an impressive 360% increase.
Comparatively, Opensea’s volume increased by only 12% to $107 million during the same period.
BLUR TVL Balloons To $121 Million
Total value locked (TVL) for BLUR skyrocketed to more than $121 million, making it the most commanding marketplace today.
According to data from Dune, Blur currently attracts more than 43% of weekly volume, followed by OpenSea with 37% and X2Y2 with roughly 10%.
BLUR is trading at $1.11 at the time of writing, up 70% in the last week. The cryptocurrency was down 12% in the past 24 hours, data from Coingecko show, Tuesday.
The Blur platform offers an array of advanced features, such as multi-marketplace NFT comparisons, portfolio management, and real-time pricing feeds. It aims to flourish where other platforms have failed, particularly in the area of NFT developer royalties.
BLUR, an ERC-20 token, has been launched on several exchanges in addition to Huobi. It is not yet available on Binance, and the biggest trading volumes are currently on OKX.
Prominent Investors Bet On BLUR
The maximum supply of the governance token is 3 billion. Twelve percent of this supply is allocated to airdrop recipients, 78% to two lock-up contracts, and nine percent to a multi-sig wallet under the Blur team’s supervision.
Recently, BLUR airdropped 360 million tokens to its most active users, which may explain its increasing popularity.
The platform has secured approximately $14 million from prominent investors and dealers, including Paradigm, Cozomo Medici, Bharat Kryemo, Zeneca, OSF, and MoonOverlord, to name a few.
DOT total market cap at $8.6 billion on the daily chart | Chart: TradingView.com
Despite the fact that its token was only introduced last week, the platform has existed for quite some time.
Bored Ape Yacht Club is the most popular NFT collection on Blur, but it is not the most traded. Otherdeed is the most traded card, followed by Mutant Yacht Club.
According to data from Ultra Sound Money, more than 2,469 ETH have been burned as a result of Blur activity.
With the August 2021 London hard fork, a portion of the transaction fees that were formerly paid to miners are now destroyed and removed from circulation.
-Featured image from Wiktionary