JPEG Battle: Blur dangles $300m for NFT traders to leave OpenSea
Last week, the NFT and crypto space lit up with activity when NFT marketplace Blur announced what it said was Season 1 of its token airdrop. A total of 360 million BLUR tokens were sent to active participants on the platform, with the highest airdrop worth around $4 million. Now the NFT platform is back again with another massive airdrop, but with new conditions.
Blur says leave OpenSea, share $300 million
In a chirping which has created further competition between the two NFT marketplaces, Blur has encouraged NFT traders to abandon OpenSea in favor of its own platform. In the tweet, Blur announced that they are preparing for ‘Season 2’ of the token release worth around $300 million. This time, however, it adds a new requirement.
The NFT marketplace introduced what it calls “100% Loyalty,” which automatically increases users’ chances of getting more tokens. Blur created a multi-tweet thread to explain this, but it basically boils down to one thing; do not trade NFTs anywhere else.
Effectively, Blur said users who list their NFTs only on their marketplace and nowhere else will be able to achieve 100% loyalty. Users with 100% loyalty are more likely to receive Mythical Care packs, worth apparently 100 times more than Uncommon Care packs. This means that more tokens are sent to the user.
BLUR trending at $0.96 | Source: BLURUSD on TradingView.com
However, it doesn’t end here as Blur has introduced several ways for users to receive points for airdrops. It said that all contributions to the Blur community would be rewarded, even going as far as counting quote tweets explaining why they use the NFT market as contributions.
Top NFT Marketplaces Struggle
Since the Blur airdrop just a week ago, the competition among NFT marketplaces has been fiercer than ever. Blur quickly rose on OpenSea and overtook it in terms of volume within one week, despite having around half the number of traders that OpenSea has.
To put this into perspective, in the last week Blur has recorded volumes of over $615 million, while OpenSea’s volume has come in at just over $159 million over the same time period. But OpenSea saw over 124,000 traders compared to Blur’s 55,000 traders.
Blur leads NFT marketplaces in terms of volume | Source: DappRadar
The increase in volume is a result of traders “using” airdrop points which lead to many bidding above the floor prices for various NFT collections. With higher bids, there have been higher sales on the marketplace with an average price of $1,780, according to data from DappRadar.
OpenSea previously responded to Blur’s challenge by offering zero trading fees for a limited time. However, traders have not reacted positively to this as they continue to flock to Blur in hopes of receiving more tokens.
Follow Best Owie on Twitter for market insights, updates and the occasional funny tweet … Featured image from ScreenAnarchy, chart from TradingView.com
