What is BLUR Token?The BLUR token was officially launched at 1 a.m. Hong Kong time on the 15th. This is the native token finally launched by the Blur NFT market platform after a period of anticipation. The token is designed to provide traders with the opportunity to participate in the platform and incentivize professional traders to trade on this platform. Traders will have 60 days to claim airdrop tokens, a measure designed by the Blur team to reward users who successfully participate in market transactions.
The BLUR token was launched not only to incentivize traders but will also enable them to participate in the platform’s governance protocol. Currently, BLUR tokens are listed on exchanges such as OKX and Bitget. According to data from CoinGecko, the price of BLUR once reached $5.02 after its launch, but the price has fallen back to $0.76 at the time of writing.
Market Performance of BLUR Token
Since news of the BLUR token’s airdrop was announced, the NFT market’s trading volume has exceeded $500 million in less than 24 hours. Blockchain data shows that as of Wednesday morning, there were more than 33,000 unique BLUR wallet holders, with the majority of those initially receiving the tokens through airdrops and subsequently potentially transferring them to other wallets.
The Blur market is growing steadily due to its zero transaction fees, liquidity, and wide range of trading options. Users can trade freely on the platform and access a variety of assets. With the launch of the native token, Blur is now able to offer a more comprehensive rewards system, allowing traders to earn more rewards on the platform.
Economic Model of BLUR Token
The BLUR token is designed to serve as a loyalty reward system for traders, encouraging them to trade and gain more value. These tokens will not only be used to reward larger traders, but will also grant them access to exclusive products and services such as airdrops, promotional materials, and exclusive discounts. Additionally, the token will be used to reward traders who actively participate in the community and help promote the platform.
The governance rights of the BLUR token include controlling the value accumulation and distribution of the protocol, setting the protocol fee after half a year (up to 2.5%), and issuing community grants. The total supply of BLUR is 3 billion, of which 51% will be allocated to the community, 29% to past and future core contributors (allocated for 4 years, with transfer quota unlocked in the first 4 months), and 19% to investors ( Distributed over 4 years, with transfer credits unlocked in the first 4 months), 1% to advisors (distributed over 4-5 years, with linear unlocking from 4-16 months).
Of the 51% allocated to the community, 360 million (12%) will be used for this airdrop, and the remaining 1.17 billion (39%) will be distributed to the community through contributor subsidies, community initiatives, and incentive programs. According to the plan, 40% of the 1.17 billion coins will be allocated in the first year, 30% in the second year, 20% in the third year, and 10% in the fourth year.
Loyalty mechanism of BLUR token
BLUR has introduced a loyalty mechanism that will affect users’ chances of receiving rare care packages containing more BLUR tokens in the airdrop. Loyalty is measured based on a snapshot of the number of NFTs listed by users on Blur, independent of activity on other marketplaces. If a user's product prices on Blur are higher than on other markets, their loyalty score will be affected.
BLUR’s Max Airdrop 3 is now live and will last until February 14, 2023. The team promises that this airdrop will distribute approximately 1-2x BLUR tokens to participants. Users can participate in this airdrop simply by connecting their wallet and starting bidding on collectibles. Airdrop rewards will be distributed based on users’ 24-hour trading volume.
The future of BLUR token
Since its launch in October, Blur has positioned itself as an NFT marketplace for “professional traders.” With features such as zero transaction fees, market “sweeping,” revealing sniping, and advanced analytics, the platform has gained widespread appeal among experienced JPEG speculators. In addition, Blur is also supported by industry heavyweights such as venture capital giant Paradigm, NFT native investment fund 6529, and digital art collector Cozomo Medici.
Over the past few months, the Blur Marketplace has been steadily airdropping BLUR tokens to users, rewarding them for varying levels of participation on the platform. With the launch of the BLUR token, the platform’s liquidity is expected to further increase and drive wider adoption.
Summarize
The launch of the BLUR token marks an important milestone in the NFT market. As a new loyalty reward system, BLUR not only incentivizes traders to participate, but also provides them with governance rights. As the market continues to grow and develop, BLUR tokens are expected to become an important part of future NFT transactions and bring more value and opportunities to users.