The Bankless Guide to Blur

Updated: July 2023
Jul 28, 20233 min read

Blur is an NFT marketplace aggregator that allows users to access multiple NFT marketplaces from a single platform.

It simplifies the process of buying and selling NFTs by providing a unified interface for various marketplaces. This means that users can browse, buy, sell, and trade NFTs from different platforms without having to navigate through multiple websites or interfaces.

How Blur works

Blur works by integrating with various NFT marketplaces. It pulls data from these platforms and presents it in a unified interface. This allows users to browse and trade NFTs from different platforms in one place. The platform also just announced its V2 system, which offers new advantages like cheaper trades and the ability to bid on NFTs with specific traits.

Blur also offers additional features such as Blend, a new type of NFT lending protocol. Allowing users to borrow ETH against their NFTs, Blend has no oracle dependencies and no expiries, meaning borrow positions remain open indefinitely until paid back or liquidated, with interest rates determined by the market.

The BLUR Token

Airdropped to Blur users in February 2023, the BLUR token is an ERC-20 token that is used to facilitate the governance of the Blur marketplace and its lending protocol, Blend.

Token holders can influence key parameters of these protocols, including setting marketplace and lending protocol fee rates, issuing treasury grants, and executing various onchain functions. Voting power is proportional to the amount of BLUR tokens a user owns or is delegated.

A total of 3 billion BLUR tokens were minted at genesis, with a distribution plan spanning 4 to 5 years. The allocation included 51% for Blur community members, 29% for past and future core contributors with 4-year vesting, 19% for investors with 4-year vesting, and 1% for advisors with 4 to 5-year vesting.

How to use Blur

If you’d like to buy NFTs on Blur, first connect your wallet on the platform and navigate to the Collections page, then browse or search for a collection of interest. From there you can 1) use the “Buy Floor” option to buy the cheapest NFT available, 2) use the Sweep functionality to buy multiple NFTs from the floor, or 3) create a basket of different pieces you want to purchase.

While you can buy NFTs listed or aggregated on Blur directly with the ETH you have in your wallet, you’d have to deposit ETH to Blur’s Bidding Pool address to make bids on collections. After the initial deposit transaction to the Bidding Pool, this system lets you make gas-less bids so you don’t have to pay ETH transaction fees every time you decide to do some bidding.

As for selling NFTs, head to the platform’s Portfolio page and select the NFT or NFTs you’d like to list from your collection. Depending on the project, you can choose to list items for sale, accept existing collection offers, or borrow ETH through Blend.

Additional Blur resources

To dive deeper into the Blur ecosystem, consider checking out these additional resources:

  1. 📚 Blur docs
  2. ✍️ Blur blog
  3. 📢 Blur Twitter

Zooming out

Since its inception, Blur has rapidly grown to become the largest NFT marketplace by volume, beating out OpenSea in this regard for months now. Will its dominance last? That remains to be seen. But in the meantime, there’s no question that Blur is a force to be reckoned with and that it’s done much to attract NFT traders looking for the most advanced trading possibilities.

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

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