With the hope that the project will continue to airdrop more tokens, NFT Blur's user base and trading activity rose after the token airdrop.
In the previous 24 hours, the NFT trade volume on the Blur marketplace platform exceeded $100 million. This NFT exchange hasn't done that before since its beginning in October 2022. On February 18, Blur's shares traded for more than $90 million in a single day. Over the past week, the trading volume on the platform has been around $400 million USD.
It's significant to note that the market's current transaction volume is five times higher than that of OpenSea, the NFT marketplace that has dominated the NFT market since 2021. The benefit stems from the fact that NFT investors continue to pour money into Blur in the hopes of being qualified for a token airdrop in the future. The last week's BLUR airdrop caused quite a commotion in the cryptocurrency community and rekindled interest in the NFT array.
Yet, a lot of individuals think that the activity on the site are actually wash trade transactions that are designed to falsely inflate trading volume in order to obtain airdrops. This is demonstrated by the fact that, while having a 5-fold higher 24-hour transaction volume than OpenSea, Blur only has about half as many users. However, researcher Hildobby came to the conclusion that the wash trading rate on this market is only 11%, which is lower than the average 40% of preceding airdrops, after studying the transaction data and reward circumstances of the last airdrop.
However, as the platform has not yet revealed the prerequisites for receiving future airdrops, it is still possible that those attempting to farm the airdrop were responsible for the recent increase in trade volume. The platform anticipates allocating up to 51% of its 3 billion BLUR total supply to the community over the course of the following 4–5 years. 360 million BLUR, or 12% of the total supply, were airdropped last week.
During the airdrop and listing, the price of the BLUR token was drastically reduced from 5 USD to 0.5 USD, however it has since steadily increased and is now centered between 1.1 USD and 1.3 USD. The 24-hour trading volume of the cryptocurrency BLUR was over $600 million, and its market value is currently above $480 million.
The majority of NFT investors are upbeat about Blur's chances, anticipating that it will be able to compete with OpenSea's dominance, especially in light of the recent "give-away" that this NFT marketplace made in response to pressure and announcement of free trading for a brief period of time, as well as the opening of other NFT exchanges that do not respect royalty fees. These changes have contributed to an increase in OpenSea's user base and transaction volume during the past 24 hours.