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BLURThe native cryptocurrency of the Blur nft market, saw a 75% price increase in the last seven days, largely due to the token’s listing on Binance and several other positive developments.
Blur stands out in the non-fungible token (nft) space by employing BLUR as a governance token. This unique approach aims to decentralize the Blur nft marketplace, giving control to the community, a distinctive strategy compared to competitors like OpenSea, which operates tokenless and relies on private investors.
The platform has seen a decent level of success since its launch, thanks to its easy-to-use interface, low fees, and increased liquidity for NFTs.
Notably, Blur rewards its users with BLUR tokens through airdrops, creating a symbiotic relationship with its community of traders.
In a recent airdrop, a pseudonymous nft trader claimed a staggering $13.6 million worth of BLUR tokens. This reward, part of a pool of 300 million tokens, reinforces Blur’s commitment to rewarding its active user base and has contributed to the project’s success thus far.
Binance listing boosts BLUR
The recent listing of Blur on Binance has had a good impact on the nft platform, causing an upward movement in its price. The token’s market capitalization now exceeds $600 million, reflecting increased investor confidence in the project’s potential.
The successful fundraising of $40 million by Blur founder Tieshun Roquerre also had a positive impact on the project’s ecosystem. The reportedly commission-free Binance listing and launch of the “Blast” layer 2 network underscore Blur’s commitment to innovation and cost reduction.
Challenging the status quo of the nft market
Major nft creators, including Yuga Labs and Bored Ape Yacht Club, are reevaluating their partnerships with dominant marketplaces like Blur and OpenSea. This reconsideration is due to recent royalty cuts by both platforms as they attempt to revitalize the nft market.
Meanwhile, OpenSea continues to face scrutiny after a former executive was accused of pump-and-dump practices, leading to a $60 million withdrawal of funds. While OpenSea denies any knowledge of such involvement, this incident adds a layer of complexity to the dynamics of the nft market.
As of press time, BLUR is changing hands for $0.60441, representing a 74% increase this week, according to CoinGecko.
