NFTs (Non-Fungible Tokens) are digital assets that are unique and indivisible, stored on a blockchain. NFT marketplaces are platforms designed to help create and trade NFTs. They have been around since 2017 with the release of Opensea.
In 2020, Axie Infinity launched its own NFT marketplace, and in 2021, Nifty Gateway sold a digital artwork by artist Beeple for a record-breaking $69 million. Demands shown by the increased number of users have brought about the launch of other marketplaces such as SuperRare, Foundation, Rarible, and now, Blur, an NFT aggregator.
What is Blur NFT Marketplace?
Blur is an NFT marketplace that is created as an aggregator of several NFTs from other marketplaces. As an aggregator, information and continuous data of NFTs across the market are streamed into the platform from where users can make decisions to buy or sell NFTs.
Since its launch in 2022, it has risen to prominence. In Q1 of 2023, it surpassed Opensea as the top marketplace, holding a 71.8% market share, and continues to attract professional traders and collectors with its unique features. The goal of Blur is to make NFT trading easier for users and not necessarily to advance NFT utility as it were.
Features of Blur NFT Marketplace
Blur offers very useful features that make it attractive to traders and collectors: These include:
- Multi NFT Marketplace links: On Blur, traders don’t have to go out of the platform to visit other NFT marketplaces before they make their buying decision. As an aggregator, data of listings – old and new NFTs from several NFT marketplaces – are made available in real-time. These marketplaces include Opensea, LooksRare, and more.
- NFT Sweeping tools: Because of the infrastructure of Blur, it is so easy to carry out NFT Sweeping. Sweeping an NFT collection involves buying several floor-priced NFTs. On other marketplaces, this can be tedious if traders need to move from one platform to another. However, in Blur, this is done with less stress. Thanks to the snipe tool that provides information about listings in real-time.
- Advanced analytics: The presence of advanced analytics provides the right tool for traders and collectors to make decisions on what to buy and sell. This is part of the dashboard feature on Blur.
- Fees and royalties: In Blur, users are not charged any fee for their transactions. Fees are always attached to the NFT marketplaces from where the NFTs they buy are listed. Royalties are not mandatory on Blur. Traders have the option to take royalties or reduce them to zero. This makes it easier for buyers to have a myriad of choices to buy from at any given time.
From user feedback on Blur, it is said that the platform is user-friendly, secure, reliable, and inexpensive. It also brings in thousands of NFTs for users to choose from. Blur’s interface is customizable, making it easier to access and compare collection data. It is also unique for its display of the rarity of NFT traits and the floor price for specific attributes.
Tokenomics of Blur NFT Marketplace
Blur NFT marketplace is governed by the $BLUR token that has a total supply of 3 billion. According to Blur, the entire token will be released between 4 to 5 years from the year of its launch. The allocation of the $Blur token is as follows: 51% will go to the community; 29% is for contributors, with a four-year vesting period; 19% is for investors while and 1% is for advisors.
As part of its marketing plan, Blur released its first airdrop in February which recorded a massive success and attracted so many users to the platform who were rewarded. Season 2 of the airdrop is live already and rewards will be distributed to users who qualify.
One of the major development coming to Blur is integration with other blockchains. The team promised that they will make the platform multichain so that NFTs that are natives of blockchains other than Ethereum can be accessed and traded in Blur. There are also hopes that the platform will be designed to accommodate other forms of art such as 3D models, videos, GIFs, and interactive digital art.
Team and investors behind Blur
The founder of Blur is known as Tieshun Roquerre, AKA @PacmanBlur on Twitter. He is an MIT graduate and a member of the Peter Thiel Fellowship. While other team members remain anonymous, Blur has maintained considerable communication with its community online.
The project is also backed by Paradigm, a leading Venture Capital firm that led its $11 million seed round in March 2022.