press release
PRESS RELEASE. On February 14, the highly anticipated Blur airdrop was finally kicked off. According to Dune Analytics, as of February 15, over 40,000 addresses have claimed the Blur airdrop, with 8.2% of them receiving over 10,000 tokens. Most users received between 1,000 and 10,000 BLUR tokens, with 7,000 tokens distributed to every user on average. On CoinEx, the BLUR price stood at about $0.8 on the distribution day. Based on that figure, the Blur airdrop provided users with $5,600 worth of tokens on average, making it another airdrop legend following the Aptos airdrop.
Behind Blur’s boom: The NFT blue ocean
As a newcomer to the NFT market, Blur has captured the spotlight over the past year. Since its launch in March 2022, the project has gained a massive following through its airdrop announcement. Meanwhile, its aggregation system, which enables frequent trading, has earned extensive recognition among active NFT traders. In fact, Blur has surpassed OpenSea, which is the No.1 NFT marketplace, in terms of trading volume, demonstrating the fierce competition in the NFT market.
The popularity of Blur indicates that while there is a huge demand for NFTs, the market and its derivative tools remain underdeveloped. Data from NFTGO shows that the market cap of three top projects, specifically BAYC, CryptoPunks, and Otherside, has already reached 2 million ETH, which is worth over $3.1 billion according to the real-time ETH price on CoinEx.
That being said, the unique characteristics of NFTs make it difficult for us to accurately capture the value of each NFT. Like traditional collectibles, different NFTs come with varying features, and the attribute preferred by collectors may offer an NFT a different price tag. The lack of clear valuation methods makes NFT trading more challenging than FT trading, which also blocks the market circulation of NFTs and results in poor liquidity.
Moreover, blue-chip NFTs are often expensive and inaccessible to retail investors, hindering the development of the NFT market. Although the No.1 crypto Bitcoin is quoted at $20,000, retail investors get to purchase 0.01 or even a smaller amount on exchanges. However, the floor price of Bored Ape Yacht Club (BAYC) stands at 67 ETH, which is worth over $100,000, making it unaffordable to ordinary investors.
The NFT market has continued to explore new ways to address those problems, which triggered the appearance of the NFTFi category, spanning NFT marketplaces…
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