OpenSea Competitor, Blur has announced that it will soon airdrop some $300 million worth of additional tokens to loyal users, days after overtaking OpenSea as the most popular Ethereum NFT trading platform by trading volume.
The company noted that it will release 300 million of its native BLUR tokens to traders in the next few days. At the time of writing this report, BLUR is currently trading at $0.99, data from CoinGecko reveals.
Investors King understands that OpenSea has seen declining revenue and increased competition from other NFT platforms particularly, Blur.
Recently, likely prompted by Blur’s sharp ascension and lack of marketplace fees, OpenSea eliminated its own 2.5% fee—the company’s primary source of revenue—for a “limited time.”
Though Blur does currently boast markedly higher trading volumes than OpenSea, the majority of that activity appears to have been generated by a smaller number of whale traders flipping NFTs.
A message shared by Blur on the Twitter platform read “300M+ BLUR will be distributed to the community in Season 2. What’s the secret to maximizing rewards? Loyalty. Users with 100% loyalty have the highest chances of Mythical Care Packages, which are worth 100x Uncommon Care Packages”.
Meanwhile, Blur’s token could be gearing up for a rise due to a mixture of technical and fundamental factors. Since its launch in October 2022, Blur has become one of the leading NFT aggregators.
Data from Messeri shows that Blur accounts for 40% to 60% of NFT’s daily trading volume.
On February 15 when Blur officially launched its native token, it airdropped free Blur tokens to users who have traded Etherum-based NFTs on the platform in the past six months.
According to Dune Analytics, Blur has airdropped 360 million tokens to its users. Despite traders often dumping airdrops to make an instant profit, Blur’s price remains approximately 25% higher than its market debut price of $0.88.
Blur’s price should signify a drastic change from the norms suggesting that most traders have decided to hold on to it.