NFT Marketplace Blur Launches Token, Volume Hits $780M

Airdrop of Blur’s token has hit several roadblocks, with delays in retrievals, price drops, and launch of similar scam token.

A man standing on a mountain and a balloon flies pass him
  • After months of anticipation, Blur has launched its native token, currently being airdropped to Ethereum NFT traders.
  • The price of BLUR quickly spiked to $5 before losing 85%, but its trading volume crossed $780 million in 24 hours.
  • Amidst the launch, scammers created a fake BLUR token, while some users experienced difficulties claiming their airdrops.

Blur, a zero-fee non-fungible token (NFT) marketplace, has launched its much-anticipated native token and has amassed more than $780 million in trading volumes in less than 24 hours into the much-hyped airdrop.

Trading Volume of Blur Spikes After Airdrop

On Tuesday, February 14th, the Blur team announced on Twitter that its native marketplace token has launched after more than three months of waiting. The $BLUR token is being distributed by airdrop to Ethereum NFT traders.

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According to the announcement, all traders who have used the marketplaces in the last 3 months, Care Package holders, and Creators are eligible for the airdrop. The airdrop will last for 60 days.

BLUR was initially planned to be airdropped in January, but the launch was delayed to allow the team “try new things.” BLUR will give traders the opportunity to participate in the platform’s governance protocol and profit from the marketplace’s success through community ownership.

Blur quickly gathered expectations. The airdrop was met with high trading activity as many NFT traders had waited for the token for months.

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In less than 24 hours of the airdrop, the trading volume of $BLUR has soared above $780 million. In addition to NFT trading on the platform, Blur has recorded over $977 million worth of trades, overtaking OpenSea and LooksRare.

While Blur’s trading volume is positive, the token’s price has nosedived since its launch. In the first few hours after BLUR went live, it spiked as high as $5 before falling 85% on Wednesday morning. BLUR now trades at $0.775.

Source: CoinGecko

Scammers Cashing Out on the Airdrop

The expectation around BLUR allowed some scammers to profit from the airdrop, creating a fake Blur token. The blockchain security company PeckShield reported that the scammers airdropped their fake Blur token to Coinbase, Justin Sun, and Yuga Labs. 

By sending the fake token to renowned names in the crypto space, they tried to trick people into believing it was the official airdrop. PeckShield tweeted:

Blur has advised all users to only check for information from the official Blur.io channels. In addition, before claiming airdrops, you need to double-check the links to ensure they are from the official source.

The problems only compounded for Blur as some users on the crypto exchange experienced delays in receiving their airdrops. Wu Blockchain reported that “a huge BLUR recharge flow” was the cause of the problem.

On the Flipside

  • OKX has offered to fix the delay in receiving the $BLUR airdrop by launching an “OKB airdrop” campaign to affected customers.

Why You Should Care

The soaring trading volume of BLUR is thanks to the attention it garnered as a marketplace, similar to LooksRare’s launch of LOOKS in January 2022.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia