The non-fungible token (NFT) community has been eagerly awaiting the airdrop of Blur, an NFT marketplace that competes strongly with Opensea. We take a look at this eventful airdrop, BLUR’s tokenomics and the possible future of this token.
Airdrop of BLUR
The airdrop of the non-fungible token (NFTs) marketplace Blur was highly anticipated in early 2023. Users who have obtained their care packages were able to claim their BLUR token rewards on Tuesday 14 February
$BLUR is now LIVE
All traders across all marketplaces 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
Originally scheduled for January and postponed several times, this airdrop finally took place this week. The craze was such that the Ethereum blockchain (ETH) became temporarily congested and some users paid up to 1500 gwei ($200 fee) to get their BLUR tokens back.
Launched in October 2022, Blur is an NFT marketplace that has quickly attracted NFT enthusiasts motivated by the promise of an airdrop. Currently, it drains the largest transaction volumes on Ethereum, surpassing competitor Opensea.
Although Blur leads in transaction volumes, the number of users is much lower with 26.9% of the market share compared to 73.1% for Opensea. Volumes are undoubtedly being inflated by users wanting to take advantage of airdrop and there is no guarantee that they will be able to maintain this level over time.
What to expect from the BLUR token
Like any other token launch, you have to be extremely careful. The majority of users receiving this airdrop are quick to get rid of their tokens, causing the price to plummet. For BLUR, this was once again the case.
Launched at a price of $0.2, the price of BLUR quickly climbed to around $6 before collapsing by over 90%. It is currently trading at around $0.76 on the ByBit, Coinbase and Uniswap platforms. So what should we expect from BLUR in the future?
The objective is not to predict the future but to look at historical data from the past to get an idea. To this end, Blockworks Research has analysed 11 tokens that have launched via an airdrop and concluded that on average they are currently trading at -43% from their launch price.
In terms of tokenomics, the Blur Foundation informs us that the total offering will be limited to 3 billion dollars. The community will share 51% of the tokens, 12% of which have already been distributed in this airdrop. Investors will receive 18.8% of the tokens, unlocked over 4 years. The project team is therefore reserving 29% of BLUR’s supply for itself