The rise of Blur is now visible on all fronts. The low-fee, royalty-free marketplace, founded by Web3 developer Pacman and launched in October 2022, has witnessed significant growth in trading volume over the past 30 days.
After two consecutive months of strong selling, the volume of Ethereum-based NFTs traded last week increased by more than 200 percent.
The rapid growth in trading volume is the result of a dynamic market in which startup market Blur surpassed market leader OpenSea by creating a $460 million Ethereum NFT with an impressive 360% increase.
By comparison, Opensea’s sales increased by just 12% to $107 million over the same period.
BLUR TVL balloons up to $121 million
Total Cost Locked (TVL) for BLUR soared to the skies to over $121 million, making it the most influential market today.
According to Dune, Blur currently attracts over 43% of weekly sales volume, followed by OpenSea at 37% and X2Y2 at around 10%.
BLUR is trading at $1.11 at the time of writing. 70% last week. Cryptocurrency has fallen by 12% in the last 24 hours, according to data from the Coingecko show, Tuesday.
The Blur platform offers many advanced features such as multi-market NFT comparison, portfolio management, and real-time price feeds. It aims to thrive where other platforms have failed, especially in the area of NFT developer fees.
BLUR, an ERC-20 token, has been launched on multiple exchanges besides Huobi. It is not yet available on Binance and the largest trading volume is currently on OKX.
Famous investors are betting on BLUR
The maximum supply of a governance token is 3 billion. Twelve percent of this offer is allocated to the recipients of the airdrop, 78% to the two lock contracts, and nine percent to the multisig wallet overseen by the Blur team.
BLUR recently gave away 360 million tokens to its most active users, which may explain its growing popularity.
The platform has received around $14 million from well-known investors and dealers including Paradigm, Cozomo Medici, Bharat Kryemo, Zeneca, OSF, and MoonOverlord, just to name a few.
DOT total market cap at $8.6 billion on the daily chart | Chart: TradingView.com
Even though its token was only introduced last week, the platform has been around for quite some time.
Bored Ape Yacht Club is the most popular NFT collection on Blur, but not the best selling. Otherdeed is the top selling card, followed by Mutant Yacht Club.
Over 2,469 ETH has been burned as a result of Blur’s activity, according to Ultra Sound Money.
As a result of the London hard fork in August 2021, some of the transaction fees that were previously paid to miners are now destroyed and removed from circulation.
-Selected image from Wiktionary
Credit : www.newsbtc.com
