After a long delay, the NFT Market Blur it has finally been released with its native $BLUR token. Launching his latest tantalizing offer amid a wave of controversy and dubious decision-making.
On February 14, the token arrived along with Blur’s latest airdrop facility, a mechanism that was intended to attract regular NFT traders to the platform. The NFT marketplace has managed to become OpenSea’s main competitor despite its launch last October. Part of its growth has been fueled by its promise to reward loyal users of its platform in the form of airdrops and tokens.
The promise was made at launch, with airdrops scheduled in three phases, each larger than the last. The first airdrop, nicknamed “Care Package” sought to reward users who traded NFTs on competing marketplaces for six months before Blur opened the store.
The second airdrop sought to reward users who listed an NFT on their marketplace during November 2022. The reward was 10 times higher than what was offered for the first airdrop, and the third, which took place on February 14, was the larger. In total, more than 360 million $BLUR tokens were awarded to merchants who placed deals on Blur with Care Packages containing BLUR tokens.
$BLUR is now LIVE
All merchants in all markets in the last 3 months, Care Package holders, and creators are eligible for the airdrop.
You have 60 days to claim your BLUR ⏰ pic.twitter.com/AZynnHeIhz
– Blur (@blur_io) February 14, 2023
The anticipation of Blur’s final airdrop delivery significantly boosted commerce in Blur. Sometimes the self-proclaimed “market for professional traders” surpassed OpenSea regarding NFT trading volume. This is despite having fewer active traders and transactions than OpenSea, which has drawn attention.
Traders Get Involved in Wash Trading to Take Advantage of the Blur Airdrop
some have suspected “wash trade” in which traders on the platform manipulate trades to increase their potential rewards. This suspicion is confirmed by data from Dune Analytics suggesting that 13% of Blur trades were based on wash trades, compared to just 2% for OpenSea.
Now that the final airdrop has taken place, several of the top traders that have benefited from the airdrops appear to be the result of money laundering. For example, the top trader earned 3.2 million BLUR tokens, currently valued at around $1.9 million. The second earned 2.97 million BLUR, or $1.8 million, and the third earned 2.5 million BLUR, or $1.5 million.
It is unclear who owns the Ethereum wallet that took home the jackpot; however, it is a relatively new address created only three months ago. A little investigation reveals that the owner has been very active in recent days, trading large sums from Mutant Ape Yacht Club and Otherside NFT. Interestingly, this user has been buying and selling many of the same NFTs over and over again in an attempt to increase his trading volumes. The wallet also participated in many exchanges, with the second and third place wallets signifying people who were in collusion to manipulate volumes.
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type of investment.
Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the world.
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