Blur Token Airdrop Spikes Ethereum Gas Prices And Burn

While the crypto market is still in an uptrend, despite increased regulatory action from the Securities and Exchange Commission (SEC), projects have been seen to take advantage of the so-called “mini bull run” with new launches. Marketplace NFT Blur is one of them.

On Valentine’s Day, February 14, Blur launched its own token under the ticker BLUR. The digital asset was launched on the Ethereum blockchain for users who have been actively trading NFTs on the market over the past six months.

After the distribution of the project tokens, network activity in the Ethereum blockchain increased dramatically, which led to a sharp jump in gas prices on the network and the amount of ETH burned per day. The surge in activity on this network could be due to Blur users claiming their respective tokens sent over the air and with marketplace transactions.

The BLUR token dramatically increased the activity of the Ethereum network

In accordance with Ultra Sound Money datain the last seven days, a total of 2,469 ETH worth about $4 million has been burned, resulting in the final removal of some ETH from circulation, which positively affected the price of ETH.

Ethereum network activity has been on an upward trend over the past weeks, reflecting the rise in the price of ETH. Two weeks ago, NewsBTC Reports Ethereum Burned Amount Hits New High exceeds 3000 ETH.

This figure seems relatively low compared to the burned ETH due to the BLUR token airdrop, which this is not the only new Ethereum high recorded over the past month. In January, Ethereum bet on the Beacon chain, a proof-of-stake blockchain. reached an all-time high of over 16.16 million ETHwhich accounts for over 13.28% of the total ETH supply.

In the spotlight

While the token has boosted Ethereum activity, the market is starting to grab attention with massive acceptance. According to the data provider, Dune AnalyticsThe Blur NFT market has gained momentum, gaining a larger share of the NFT market ecosystem.

Blur controlled 64.6% of the NFT market volume last week, in contrast to OpenSea’s 24.4% and X2Y2’s relatively low trading volume of 5.1%. While OpenSea is the most recognized, Blur’s recent airdrop has boosted its popularity.

Blur is an NFT marketplace and market aggregator that offers services such as advanced analytics, excellent portfolio management capabilities, and the ability to compare NFTs across multiple marketplaces.

Unlike Opensea royalties, Blur takes a different approach: collection of royalties only at the request of the creators. The platform does not currently require full license fees. Instead, it allows only a 0.5% minimum creator fee to be applied, allowing users to pay more when purchasing an NFT item on the marketplace.

While the market began to gain momentum, its native BLUR token did not stand aside. With activity picking up, BLUR climbed to $5 before experiencing a massive correction that saw its price drop to $0.90.

BLUR price chart on TradingView
The price of BLUR is moving up on the daily chart. Source: BLUR/USDT

Over the past three days, BLUR has dropped over 80% and is trading below $1 at $0.93. BLUR is still ranked #131 on CoinGecko with a market cap of over $350 million.

Featured image from Unsplash, chart from TradingView.

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