Unblurring the $Blur Token Unlocks.
$BLUR upcoming Unlocks Analysis.
Introduction: What is Blur?
Blur is an advanced NFT marketplace offering zero marketplace fees and fast NFT sweeps. Its platform aggregates vital trading data and offers options to skip or reduce royalty payments. The most significant driver of Blur's market share growth has been the generous $BLUR airdrop, attracting a wide range of user.
BLUR & NFT Market Place Overview:
Before delving into the details of the $BLUR token unlocks, it is crucial to first assess the broader context of the NFT marketplace and determine the position and potential of Blur within this space. Is it an innovative project poised for sustained growth, or just another fleeting Project with no substantial user base?
History:
Within two weeks of Blur's launch it saw a significant amount of use among NFT enthusiasts. According to the official Blur Twitter account, the platform had become the highest-volume NFT aggregator just three days after its release. However, it was the Art Gobblers NFT mint on October 31, 2022, that further demonstrated Blur’s potential.
On March 28, 2022, Blur announced it had raised an $11 million seed round led by Paradigm for the development of the Blur NFT marketplace. Other partners who joined the round included: eGirl Capital, Keyboard Monkey, LedgerStatus, 0xMaki, Santiago Santos, Zeneca, Deeze, Andy (Fractional), etc
The Blur team brings together experienced members from MIT, Citadel, Five Rings Capital, Twitch, Brex, Square, and Y Combinator.
Present:
let’s take a look at real time data/feed, In terms of trader counts across various NFT marketplaces, Blur has carved a solid niche for itself, securing the second spot and capturing approximately 34% of the total trading activity. OpenSea, on the other hand, sits at the top with a robust 48% share of all trades.
However, when we shift our focus to the volume of trades, Blur securing the top spot by commanding a substantial 55.6% share of the total marketplace volume. In comparison, OpenSea, although still a major player, lags behind in second place, contributing around 25% to the overall trading volume.
Top NFT Market Place Daily Traders
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TOP NFT Market Place Volume Share
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Blur's performance in the NFT marketplace is quite commendable, solid standing across crucial metrics such as trader count and volume share. Moreover, Blur has consistently maintained a strong position in terms of daily NFT marketplace volume, ranking second for several consecutive months.
Competitors:
Blur continues to outperform multiple competitors, including OpenSea, in various key growth activities. As Blur's share in the market continues to rise, it has provoked a response from OpenSea. In order to compete, OpenSea has reduced its marketplace fees to 0% and introduced an optional creator earnings model. Furthermore, OpenSea has launched a new service called "OpenSea Pro," which also operates with a 0% fee structure with different priority features.
Blur Vs Open Sea
BLUR Token > $BLUR
$BLUR is the native token of the Blur NFT marketplace. It is an ERC-20 based token that powers the Blur ecosystem. Blur token holders can use their tokens to participate in governance, stake their tokens to earn rewards, and pay for fees on the Blur marketplace.
With all this strong growth of the BLUR Marketplace, top-tier funding, and a great team, the question is why the $BLUR token dropped as low as -90% from its highs and is now trading in cents. The Answer is Simple ($BLUR Heavy Airdrops)
$BLUR airdrop:
The first $BLUR token airdrop took place on February 14th, distributing 360 million $BLUR tokens, which accounted for approximately 12% of the total token allocation. With each token valued at around $1.20, the entire airdrop amounted to a staggering $432 million in value. The distribution of the airdrop primarily targeted traders who displayed the highest activity on the platform.
With the second airdrop distributing ten times as many tokens as the first one. The third airdrop was planned to distribute 1-2 times more tokens than the second airdrop
The reception of the $BLUR airdrops was remarkable, resulting in a trading volume exceeding $500 million within a mere 24 hours after the initial airdrop. Certain users received an impressive amount of 128,000 $BLUR tokens, while others obtained a more modest sum of 25 $BLUR. The airdrop attracted a total of over 33,000 distinct wallet holders for $BLUR, with the majority receiving the tokens before likely transferring them to other wallets. (Shown in Graph below)
The tokens were initially listed at $1 on crypto exchange Coinbase, but fell to as low as 48 cents. However, buying pressure in the following hours saw the tokens rise to 72 cents
$BLUR Tokenomics:
Interestingly, only 16% of the total supply of $BLUR tokens has been released, with a significant portion being distributed through airdrops. However, this influx of tokens caused the token price to plummet by 90% from its initial launch price. Despite the hype surrounding the airdrops and the resulting surge in users on the BLUR marketplace, the token's value suffered greatly due to many holders quickly selling their airdropped tokens, commonly referred to as "paper hands." These holders dumped their tokens as soon as they received them, viewing the airdrops as free money.
Approximately 3 billion BLUR tokens were generated at the genesis and will gradually become available over a period of 4 to 5 years. The token release schedule bears resemblance to that of UNI, although it incorporates extra cliffs and extends the vesting period for advisors. The initial allocation breakdown for this 4 to 5-year duration is as follows:
The BLUR allocations for core contributors and launch partners will follow the same vesting schedule, including a 4-month cliff before any token transfers are allowed. On the other hand, advisors' BLUR allocation will vest over a longer period of 48 to 60 months, also incorporating a cliff period ranging from 4 to 16 months
THE Upcoming Unlocks Storm:
Out of the total supply, with only 16% currently in circulation and 84% locked, a significant portion of approximately 6.53% is set to be unlocked by the 14th of 2023. The breakdown of the unlocked supply is as follows: Advisors account for 0.6%, Investors hold 2.54%, and Contributors possess 3.94% of the unlocked tokens.
In Simple Terms the Condition of $BLUR is:
There is going to be a ton of pressure on the $BLUR token price going forward, given the significant gap between the market cap and future valuation. It's not surprising, considering that 84% of the token's supply is set to be unlocked in the next few years. Additionally, 6% upcoming Unlocks. The fully diluted valuation (FDV) of the token was initially around 4 billion or more, but currently, it has stabilized around 1 billion. Despite the decrease, this is still a significant amount that the market needs to absorb. (As shown below)
The visible decline in the token price from its initial range of $5 to $7 to its current trading value in cents around $0.33 can be attributed, in part, to the impact of airdrops. Additionally, the upcoming 6% token unlocks in the next two days may not act as a bullish catalyst. Bullish unlocks typically align with a bull market, where whales or traders continue to buy during dips, ensuring that demand for the token remains steady and absorbed by traders (Buy orders). However, in bear markets, traders exercise caution and exhibit reduced demand for tokens, leading to lower trading volumes. or mostly Cutting the positions or shorting the tokens in perps.
No buyers?
Binance always keeps listing coins but rarely delists, never listed perps only except for They are so confident it's down only?
The $BLUR token continues to entice retail investors with staking and fee-switching incentives, attracting some buyers. However, the immense supply overhang, coupled with ongoing airdrop farming activities. Binance has no reason to BUY such a token for listing and market-making.
But we must admit that the $BLUR team responsible for mm with Blur is truly impressive. Achieving 1.5 b FDV can't be easy. Investors who entered early have likely seen significant returns on their investments, which may lead some to sell and take profits. In terms of potential bullish catalysts for unlocks, it could rely on the team's implementation of strong mm strategies or an unexpected listing of $BLUR on Binance spot markets, which could generate positive sentiment and drive demand for the token.
Onchain: Compared to the token balance of 18 million and 280 holders in February 2023, the current state of smart money holders have decreased significantly. It appears that many of these smart holders were primarily focused on maximizing gains from airdrops rather than being longer-term token holders. While they played their strategy well in terms of airdrops, their presence as active holders may have diminished
Buyers:
A few Buyers in last 24hours with size above 5WETH
A notable holder, Sky9 Capital, is holding $121k worth of $BLUR tokens and has made some swaps via CowSwap in the past few days this month. Link> https://debank.com/profile/0x123432244443b54409430979df8333f9308a6040/history?chain=eth
Token Distribution: A significant portion of approximately 87% of the current supply of tokens is held within the top three project contracts. Among them, two contracts represent token lockups that are still awaiting release according to the token vesting schedule. The third contract corresponds to the team wallet, which holds 10% of the total supply. All wallets can be found at the end of the paper.
Exchanges:
In the past seven days, approximately 1.8 million tokens have been observed on Uniswap, 862k on Kucoin, 775k on Coinbase, and 753k on Bybit. These tokens are currently held in these cex’s prior to the scheduled unlocks. Worth paying attention to those wallets/metrics for capturing movements.
In conclusion, Blur is an advanced NFT marketplace with zero fees, fast NFT sweeps, and innovative features. It gained a significant market share through generous airdrops, but the $BLUR token's price has dropped by 90% from highs. The upcoming token unlocks and selling pressure pose challenges. However, Blur has shown growth in NFT activity, and the team has funding and experienced members. Monitoring token movement, exchanges, and potential catalysts is crucial. Despite challenges, Blur's impressive growth requires careful observation and analysis moving forward. Looking forward, how this is going to unfold.
Notable Wallets:
Token Lockup 48% Supply: 0x3f1be79ab382f21c284008df07e3d169867db647
Token lockup 29% Supply: 0x581e27c21ce60a946f0e866436a025bc89f3fb26
Team 10% Supply: 0x988ace2e421e7221d3a54823e57d106db0e84a88
Sky-9 Capital: 0x123432244443b54409430979df8333f9308a6040
Fresh buyer for 10WETH > 0x3c2b4bdcd2f742c55186fc599cb733a127e2b8ab
Blur Site: https://blur.io/
Blur tokenomics; https://docs.blur.foundation/tokenomics
Blur Investors: https://mirror.xyz/blurdao.eth/4V0dY_-ob5rBxl664deMASnH2wRsgcrGS20lpdurBa0
Blur price data: https://www.coingecko.com/en/coins/blur
Blur Airdrop tweet:
https://twitter.com/blur_io/status/1582777817141370885
Blur Marketplace explained: https://nftevening.com/blur-marketplace-explained-what-you-should-know/
Blur Airdrop-2: https://mirror.xyz/blurdao.eth/XgvGOFLwdxpdRIF2BRsQqngvcBw5WMuDOcwUK3KR1AE
Blur Season-2:
https://twitter.com/blur_io/status/1628158959940149248
Blur Blend Launch: