Trending Project: Blur
Analyst: Ben Giove
- Ticker: BLUR
- Sector: NFT - Marketplaces
- Network: Ethereum
- FDV: $3.7B
- Hotness Rating: 🔥🔥🔥
Blur is an Etheruem-based NFT marketplace and aggregator. Blur enables users to trade NFTs on other marketplaces such as OpenSea and LooksRare, as well as on Blur itself via bidding pools, which traders can use in order to easily place bids on NFTs.
Blur has grown dramatically over the past several months. The marketplace has facilitated $2.9B in volumes since its launch in October 2022 During this time, Blur has seen its market-share of NFT trading volumes on Ethereum grow from 7.5% to 77.3%. There is currently $128.2M of ETH locked in the Blur bidding pool.
The marketplace recently launched the BLUR token, which will be used for governance of the platform. BLUR was retroactively airdropped to users who listed and bid on NFTs over a series of three different rounds, which began with the public launch of the platform in October 2022. This incentive program has been one of the key factors in driving Blur’s growth, as traders looked to utilize the platform in order to maximize the size of their airdrop.
Volumes on Blur have surged since its token launch on February 14. The marketplace has seen $285.4M in trading volumes in the days since, compared to $85.2M for OpenSea. This growth may also be due to users wanting to maximize their BLUR allocations for “Season 2” which will see further rewards allocated to users on the platform.
The price of BLUR has begun to surge after an initial sell-off fueled by users selling their airdrop allocation. The token has soared 118.3% from its intra-day low of $0.60 on February 14 to $1.31 as of writing. Although early, it does not appear as though whales are heavily selling into the move, as Nansen Smart Money balances have fallen just 2.7% since February 17.
Hotness Rating (🔥🔥🔥/5): The price of BLUR is surging following its launch as the marketplace has stolen market-share from OpenSea. While it’s unclear how sticky volumes will be in the long run when incentives run dry, for now Blur appears to have taken the top spot among NFT marketplaces.