What is Blur NFT Marketplace? - Asia Crypto Today

What is Blur NFT Marketplace? – Asia Crypto Today

Time Stamp: July 2, 2023 8:29 PM
What is Blur NFT Marketplace? - Asia Crypto Today PlatoBlockchain Data Intelligence. Vertical Search. Ai.

In the rapidly evolving digital economy, non-fungible tokens (NFTs) have emerged as significant assets, spawning new marketplaces and trading platforms. Amidst this landscape, Blur Marketplace has risen as a standout player. Tailored predominantly for seasoned NFT traders, Blur introduces innovative mechanisms to support creator royalties and fosters a thriving trading environment. 

This article offers a comprehensive guide to navigating the myriad features of Blur Marketplace, from its unique $BLUR token distribution to the innovative Blend on Blur lending platform.

Background

The inception of Blur marketplace is credited to an enigmatic personality who operates under the pseudonym “PacmanBlur”, reachable through his Twitter handle, @PacmanBlur. The identity behind this pioneering individual remains undisclosed, offering an intriguing sense of mystery to the community. This doesn’t stop PacmanBlur from actively interacting with early adopters and key influencers during the initial private beta stages through direct video conferencing.

One of the well-known figures in the NFT space, the Bored Ape enthusiast @FranklinIsBored, confirmed having visual communication with PacmanBlur. He went on record to declare that PacmanBlur is not the same person as “Beanie”, another prominent character in the NFT world.

What is Blur? 

Blur Marketplace has distinguished itself as potentially the speediest real-time aggregator of Non-Fungible Tokens (NFTs) within the Ethereum network. Predominantly community-owned, it’s tailored for professional traders in the NFT space. As it stands, the marketplace has already demonstrated its prowess, achieving a total volume of $1.05 million, thereby ranking as the third most prolific marketplace in the Ethereum universe.

The conceptualization of Blur sprung from the observed deficiency of rapid NFT marketplace aggregators. An expert team, comprising individuals from prestigious institutions such as MIT, Citadel, and Twitch, led its development.

Blur holds a staunch commitment to creator royalties, incorporating a system of enforced royalties within its platform. Additionally, it empowers NFT creators with the option to block marketplaces that do not honor royalty commitments. The ethos of Blur is decidedly geared toward professional NFT traders, although it accommodates novices with a suite of tools and features to quickly ascend through the ranks of NFT trading.

$BLUR Token 

Blur has brought into existence a total of 3 billion $BLUR tokens. The community receives the lion’s share of this distribution, accounting for 51% of the total. Past and prospective core contributors hold 29%, investors own 19%, and a mere 1% goes to advisors.

The community treasury houses 360 million $BLUR tokens, which is approximately 12% of the total token supply. This treasury can be accessed by NFT traders, historical users of Blur, and creators alike.

Almost two-fifths (39%) of the $BLUR supply is earmarked for contributor grants, community initiatives, and incentive programs. 10% of this supply is allocated specifically for the next incentive release. To ensure a fair and steady distribution, the release of $BLUR tokens will follow a predefined schedule, unique to each recipient group.

Airdrop

Blur, the prominent NFT platform, recently culminated the airdrop of its $BLUR tokens upon the conclusion of the first season of its incentivization program. This rewarding event led to traders earning as much as $3 million in $BLUR tokens, propelling the project to a remarkable launch valuation of $400 million.

Now, the anticipation builds as Blur primes for the second season of its airdrop program. The optimal strategy to earn $BLUR tokens is simple – actively participate in the marketplace by purchasing, selling, and listing NFTs. With the enticing prospect of potentially acquiring up to $3 million in tokens, Blur presents an exciting avenue for NFT traders to broaden their influence within the crypto sphere.

Blur initiated the second season of its airdrops in April 2023, kick-starting another exciting phase of growth and opportunity.

Royalties

Blur upholds a strong commitment to creator royalties, a cornerstone of its marketplace. Creators are empowered to determine their preferred royalty percentage, providing them with the autonomy to manage their revenue streams.

In an innovative twist, Blur incentivizes respect for these royalties among traders. Those who acknowledge and honor the royalty agreements can look forward to a more generous airdrop of $BLUR tokens, compared to their counterparts. This unique approach fosters a mutually beneficial environment where both creators and traders are rewarded.

How to Use Blur Marketplace 

Blur, although tailored for the more adept NFT traders, functions similarly to conventional NFT trading platforms. The first step for users is to integrate their cryptocurrency wallets, which is a prerequisite to trading NFTs on the platform. As of March 2023, Blur is compatible with three crypto wallets: MetaMask, WalletConnect, and Coinbase Wallet.

Once a wallet is linked, users can either peruse through the top and trending collections showcased on the platform or upload and connect their pre-existing NFT assets.

Blur provides a venue for NFT traders to procure digital collectibles from fellow platform users and creators. When transactions are conducted within the confines of Blur’s native marketplace, traders are obligated to remunerate creators with royalty fees, also termed as supply-side fees.

The platform further enhances user experience with features like the aggregator, facilitating the simultaneous purchase of multiple NFTs across diverse marketplaces.

Blur offers two user modes catering to varying needs – trader and collector. The trader mode is more data-intensive, providing numerous charts and a consolidated view. On the other hand, the collector mode prioritizes aesthetics, offering a neat display with larger images and a user-friendly interface.

Blend on Blur 

Blur further extends its services with the introduction of “Blend on Blur,” a peer-to-peer lending platform aimed at improving NFT liquidity and accessibility. Drawing parallels with a down payment made for a house, Blend enables collectors to acquire high-value NFTs through manageable initial payments. This unique financing arrangement unlocks the NFT market for new buyers, rendering high-end collections like Bored Ape Yacht Club and CryptoPunk NFTs more accessible.

Created in partnership with Paradigm, Blend augments Blur’s influence in the decentralized finance (DeFi) landscape. This lending protocol is not only flexible and devoid of any fees, but it also supports an array of collateral types and adjusts to market-driven rates, thereby providing a dynamic lending platform.

Conclusion

Blur has embarked on a remarkable journey within the NFT landscape, forging its own distinctive path from the mysterious origins of its creator to its current standing as a formidable marketplace. By prioritizing creator royalties and implementing a dynamic token distribution system, Blur cultivates an environment that fosters support and prosperity for creators and traders alike. 

The introduction of innovative features, including the Blend on Blur lending platform, unlocks opportunities for newcomers, positioning Blur not just as a marketplace but as a significant gateway into the decentralized economy. As the NFT market continues its evolution and expansion, platforms like Blur are poised to assume an increasingly crucial role in shaping the future trajectory of this dynamic ecosystem.

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