On Tuesday, February 14, 2023, non-fungible token (NFT) marketplace Blur sparked a frenzy of trading activity when it announced the launch of its native token, BLUR. As users were allocated tokens, they also received “care packages” as part of the promotion. The tokens began trading at noon on Feb. 14, reaching a high of $5.02 per token, but the token has since lost more than 85% of its value against the U.S. dollar.
Blur is a new entrant into the competitive NFT market, which is becoming the next big thing in digital assets. NFTs are unique digital assets that can be used to represent ownership of any type of item, including art, music, video, and more.
Blur’s care packages to its users are designed to encourage their participation in trading activities on the platform and increase the demand for BLUR tokens. Packages include Blur merchandise, discount coupons, and more.
“It’s time for BLUR,” the market had tweeted the day before. “Care packs can be opened on February 14 at 12:00PM EST, 1:00AM HKT, 6:00PM CET. Make sure to post the announcement from our official Blur.io account tomorrow and double check all before claiming URL.”
The popular cryptocurrency exchange Kucoin was the most active trading platform for BLUR on the first day of trading, and the most active trading pair was BLUR/USDT. At 2:05 p.m. (ET), BLUR had a market capitalization of approximately $176 million and a global trade volume of approximately $12 million. At 2:10 p.m., BLUR dropped to $0.458 per coin, and statistics show that there are 360,000,000 BLUR tokens in circulation.
As of 2:10pm (ET) Tuesday, there were 8,798 unique addresses holding BLUR tokens, with roughly 18,900 transfers occurring. In recent months, the Blur marketplace has emerged as the top NFT marketplace, competing with Opensea, the largest NFT marketplace.
However, another competing NFT marketplace, Looksrare, also garnered attention for its marketplace token airdrop called LOOKS, but trading volumes have since declined. 2:33 p.m. On Tuesday, BLUR bounced back and touched a range of $0.602 per unit, giving hope to early investors.
The price volatility of the BLUR token on the first day of trading is not uncommon for newly launched cryptocurrencies. Investors in the digital asset space are used to the high volatility that comes with investing in new, untested assets.
Despite the initial drop in price, Blur is optimistic about the future of its native token. The company believes that BLUR tokens will become an integral part of the NFT ecosystem, enabling users to conduct seamless transactions on the platform. It is also expected that the BLUR token will be listed on more trading platforms soon, increasing liquidity and demand.
Blur NFT Marketplace The launch of the BLUR token was marked by a flurry of trading activity that resulted in an 85% drop in price within hours. However, the subsequent price rally shows that there is still hope for the BLUR token. As the NFT market continues to grow, BLUR tokens are expected to play an important role in enabling seamless transactions on the platform.