What is Blur ? Learn about the best NFT Marketplace for NFT Traders

1. What is Blur?

Blur is a decentralized NFT (Non-Fungible Token) marketplace in the NFTFi niche. The project is backed by investment firm Paradigm. This project also is attracting a large number of users by airdrops rounds.

Since its launch on October 19, 2022, Blur has swiftly surpassed other NFT marketplaces such as OpenSea, X2Y2, and LooksRare in terms of both user numbers and NFT trading volume on its platform.

As a NFT trading platform designed for traders, Blur has competitive advantages in user-friendly features catering to NFT trading:

• Aggregated NFT Listings:Blur serves as a hub for NFTs being sold across renowned exchanges like OpenSea, LooksRare, and X2Y2. Additionally, users can directly list their NFTs on Blur.

• 0% Transaction Fees: Unlike many other NFT markets that charge commission fees on transactions, Blur maintains a 0% fee policy for NFT sales.

• Live Updates: Regular updates on crucial collection information such as floor prices, trading volumes, and number of holders are provided, keeping users informed in real-time.

• Portfolio Management Tools: Blur offers portfolio management tools, providing essential information about NFTs and profit/loss statements, aiding users in managing their collections effectively.

• Optimized Interface: With an optimized interface, Blur provides comprehensive information about an NFT collection on a single page, ensuring a seamless user experience.

3. Blur products

3.1. NFT Marketplace

Blur NFT Marketplace is an ecosystem where traders can buy, sell, and list NFTs. Since its launch in October 2022, within four months, Blur has attracted nearly 150,000 traders, with a trading volume reaching $1.2 billion.

One of the unique features of Blur NFT Marketplace is the Order Book system, similar to traditional CEX or DEX exchanges but tailored for NFTs. Users can deposit their ETH into Blur's auction pool, allowing them to directly use their funds to place multiple auction orders or even purchase NFTs without having to send ETH for each bid.

Users placing bids closest to the floor price will receive the highest rewards, creating enough incentive to maintain auction orders to earn $BLUR rewards.

3.2. NFT Marketplace Aggregator

Besides being a fundamental platform for buying, selling, and listing NFTs, Blur also is an "aggregator" NFT marketplace sourcing from various origins. It  allows users to experience NFT trading from different exchanges through Blur's interface with the best possible prices.

3.3. Blend (Blur NFT Lending)

Blend is a new product in Blur's NFT lending space. This project introduces a decentralized peer-to-peer lending protocol for NFTs, developed through the collaboration of Dan Robinson (an investor of Uniswap V3) and t11s (a researcher at Paradigm Fund). Blend aims to address the following challenges in the NFT market:

• Users can collateralize an NFT and immediately borrow a certain amount, increasing capital efficiency.

• Users can purchase an NFT and only need to pay a certain amount upfront, enabling installment payments.

The lending and borrowing mechanism on Blend does not have specific maturity dates. Instead, the borrowed amount is initially determined by the desired loan amount and a specific interest rate. Interest accumulates on the principal amount until the borrower repays the entire loan.

Borrowers (NFT holders) will face the risk of losing their NFT if they fail to repay the loan before the interest and loan amount exceed the value of the NFT. Lenders will provide funds to NFT holders in need of capital and receive interest on the loan along with the ability to liquidate the loan through an auction within 30 hours.

3.4. Blur Foundation

The Blur Foundation operates as a decentralized autonomous organization (DAO) for the protocol, where decisions regarding fees and fund usage for specific purposes are made. The Blur DAO will consist of three functional committees:

• Safety Committee: Responsible for ensuring that Blur Improvement Proposals (BIPs) are implemented according to procedures and preventing proposals that do not comply with regulations.

• Marketplace Committee: Tasked with promoting upgrades and updates for the Blur Marketplace in line with market trends. They will also formulate and enforce policies related to copyright fees.

• Incentive Committee: This committee designs and manages user incentive policies for the protocol. They may utilize approximately 10% of the initial supply of BLUR Tokens to support these promotional programs.

4.Comparing Blur with some other NFT Marketplaces

#1. Blur vs OpenSea

OpenSea has become the leading NFT marketplace for several years. However, Blur stands out with its well-designed interface, favored by many professional NFT traders. For example, OpenSea requires traders to switch between tabs to view all their account data. In Blur, you can access analytics, transaction history, data, etc., all on a single page.

Moreover, Blur operates faster than OpenSea with updates being implemented every four seconds, which is advantageous for quick trading (sniping). Blur can provide in-depth analysis of NFT rarity, transaction history, etc., allowing traders to save time while easily accessing accurate data.

Additionally, traders can prioritize gas settings on Blur for faster transactions.

#2. Blur vs Magic Eden

Magic Eden operates on Solana, while Blur operates on Ethereum. Blur has an optional loyalty fee structure. It encourages loyalty fee implementation through airdrops for those who implement loyalty fees.

Magic Eden also encourages loyalty fee payments but does so in a different way. It uses MetaShield, allowing creators to flag previously traded NFTs without paying copyright fees. Both platforms currently do not require fees for the platform.

5. Team

The official team of Blur has not been formally disclosed; however, according to information on Mirror, project members come from institutions such as MIT, Citadel, Five Rings Capital, Twitch, Brex, Square, and Y Combinator, with roles as NFT Traders.

6. Investors

Blur has successfully raised $11 million in its seed round with participation from Paradigm, eGirls Capital, 0xMaki, LedgerStatus, Keyboard Monkey, and others.

7. Tokenomics

7.1. Key metrics

• Token Name: Blur Token
• Ticker: BLUR
• Blockchain: Ethereum    
• Token Standard: ERC-20
• Token Contract: 0x5283d291dbcf85356a21ba090e6db59121208b44
• Token Type: Governance
• Total Supply: 3,000,000,000 BLUR
• Circulating Supply: 461,845,970 BLUR ( 5/2023)

7.2. BLUR token allocation

Blur Tokens are allocated according to the following ratio:

• Community: 51%
• Contributors: 29%
• Investors: 18.8%
• Advisors: 1.2%

7.3. BLUR Token Release Schedule 

7.4. BLUR Token Use Cases

The BLUR Token will serve as the governance token for Blur DAO, with several important functions such as:

• Setting the maximum fee level applicable to traders (maximum of 2.5%).

• Deciding on the use of funds to reward community members.

• Establishing the minimum deposit amount for each governance proposal.

• Other governance features.

Thus, the BLUR Token is not only a means of payment but also a crucial tool in the operation and management of Blur DAO.

7.5. Làm thế nào để sở hữu token BLUR?

Blur has an airdrop token program for users, which is conducted through trading activities and bidding on NFTs on the Blur platform.

• Airdrop 1: Users participating in NFT trading on Ethereum network platforms within 6 months will receive Care Packages containing BLUR tokens.

• Airdrop 2: Users list their NFTs on Blur in November 2023. The more hot collections they list, the more collections they list, and the more they use Blur's listing support tools, the more airdrop rewards they will receive.Two rounds of airdrops have been completed, and the third airdrop is pending.

8. BLUR token storage wallet and exchange

8.1. Wallet

9. Roadmap 

Blur entered the Beta Test phase in March 2022 and officially launched in October 2022. The Care Package airdrop campaigns were conducted in both October and November 2022, with the third round currently underway in February 2022. Currently, Blur only supports NFTs on Ethereum; however, Blur will introduce features to improve liquidity.

10. Community

• Website: https://blur.io/
• Twitter: https://twitter.com/blur_io

11. Conclusion 

THere is the article from The Block 101 about Blur (the top NFT Marketplace for NFT Traders).

Despite being recently launched, the project has quickly risen in the rankings of NFT Marketplaces with the highest trading volumes, enough to see the efficient platform performance. With the features of Blur, it is certain that the project can continue to expand its market share in the future, becoming a formidable competitor to OpenSea or LooksRare.

Currently, Blur has gained the trust of both NFT Traders and investors due to the platform's features and utilities. The community is the clearest evidence of the love and high appreciation for the project.

The potential of Blur cannot be denied, however, as investors, we also need to observe price actions when the project is listed on exchanges.

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