After months of anticipation, zero-fee non-fungible token (NFT) marketplace Blur released its native token Tuesday.
The token will allow traders to participate in the platform’s governance protocol, as well as profit from the marketplace’s success through community ownership.
Blur said in a tweet that traders have 60 days to claim their airdropped BLUR tokens, which are trading at roughly 50 cents at press time, according to CoinGecko.
“Since launching [four] months ago, 146,823 users have traded $1.2 billion dollars [sic] worth of NFTs on Blur (wash trading excluded),” Blur said in a tweet. “This growth is breathtaking and was only possible with the support of the Blur community.”
According to data from DappRadar, Blur’s 24-hour trading volume stands at about $9.5 million, second only to leading marketplace OpenSea, whose trading volume is around $12 million.
NFT traders have been awaiting the BLUR token’s release since the platform went live. Originally set to release in January, Blur has been airdropping its token since October through “care packages” to collectors who have traded an Ethereum-based NFT in the past six months. On Tuesday, Blur delayed their token-launch by 90 minutes, warning collectors to be aware of potential phishing attempts and scam links.
Blur launched in October with a strategy to cater to professional NFT traders with a zero-fee marketplace. In its first 24 hours, it conducted $2.5 million in trading volume, creeping up on OpenSea’s trading volume. While the royalty-optional marketplace has added fuel to the fire to the ongoing debate among creators and marketplaces, it has continued to trail behind OpenSea’s trading volume numbers.
Launched in October, Blur's strategy is to cater to the needs of professional NFT traders in the zero-fee market, which has led to many NFT games having partnerships with them, such as CryptoKittes, Fairy Cat game and other games. In the first 24 hours, his trading volume...