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Proponents of the fee-less wunderkind platform are hailing this as a massive win for the Blur community, which will be distributed 300 million + BLUR in an upcoming Season 2 airdrop.
The chart below shows the total value locked (TVL) into Blur before and after the token launch. Two weeks since launch, Blur has risen more than four-fold in TVL, holding $143.51 million worth of Ethereum assets on-chain.
The token drop promises a rewards program based on loyalty, with Blur dropping what they are calling “Mythical Care Packages” that are worth 100x uncommon care packs.
“Listing rewards will be as large as bidding rewards. Max listing points = listings x loyalty. The more you list, the more you earn. Listing blue chips helps, and listing more active collections helps. Use our listing tools to list by floor price, trait floor, and ladder list.”
Blur added that they have set in place protocols for people who try to take advantage of the airdrop.
“Don’t try to game the system. Relisting NFTs at unrealistic prices, sybiling, or listing dead collections won’t help. It’s better to list and bid from the same wallet. Note: listing NFTs that Blur doesn’t support yet on other marketplaces (ie 1155s) won’t affect your loyalty.”
Blur added that the program is designed to reward early adopters and long-term holders of the token and to broaden the overall viability of those who are vested in seeing the platform grow and compete with its main competitor, OpenSea.
The company has been competing with OpenSea over marketshare. Since Feb. 3 (before $BLUR launched), the platform has contributed more royalty revenue to creators than any other marketplace, statistics show.
OpenSea, for its part, was recently forced to reduce royalties on its own platform, a move it had long been hesitant to make and which some analysts now say could signal an existential threat for what was once of the biggest, hotly touted, viable Web3 NFT marketplaces on the internet.
The current price is $0.86 per BLUR, 38.08% below the all time high of $1.38. The current circulating supply is 395 million BLUR, while net royalty revenue is at a 3-month high.
