BLUR, the native cryptocurrency of the Blur NFT marketplace, experienced a 75% surge in price over 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) sector by employing BLUR as its governance token. This unique approach aims to decentralize the Blur NFT marketplace, giving control to the community — a distinctive strategy when compared to competitors like OpenSea, which operates without a token and relies on private investors.
The platform has recorded a decent level of success since its launch, thanks to its user-friendly interface, low fees, and enhanced liquidity for NFTs.
Notably, Blur rewards its users with BLUR tokens through airdrops, creating a symbiotic relationship with its trader community.
In a recent airdrop, a pseudonymous NFT trader claimed a staggering $13.6 million in BLUR tokens. This reward, part of a 300 million token pool, reinforces Blur’s commitment to rewarding its active user base and has contributed to the project’s success so far.
Binance listing boosts BLUR
Blur’s recent listing on Binance has had a good impact on the NFT platform, triggering an upward move in its price. The token’s market capitalization is now above $600 million, reflecting increased investor confidence in the project’s potential.
Blur founder Tieshun Roquerre’s successful fundraising of $40 million further made a positive impact on the project’s ecosystem. The listing on Binance, reportedly with zero fees, and the launch of the layer-2 network “Blast” underscore Blur’s commitment to innovation and cost reduction.
Challenging the NFT market status quo
Major NFT creators, including Yuga Labs and Bored Ape Yacht Club, are reevaluating their partnerships with dominant marketplaces like Blur and OpenSea. This reconsideration stems from recent royalty cutbacks by both platforms as they seek to revitalize the NFT market.
Meanwhile, OpenSea continues to face scrutiny after an ex-executive was accused of pump and dump practices, leading to a $60 million rug pull. While OpenSea denies awareness of such involvement, this incident adds a layer of complexity to the NFT market dynamics.
At press time, BLUR is exchanging hands for $0.60441, representing a 74% increase this week, according to CoinGecko.